Car Loan

What is typically needed when purchasing a car?

• A car manual

• A car loan

• Car insurance

• A driver's license

What does a 580-669 range mean?

• Near or slightly above the average of U.S. consumers

• Most lenders consider this a good score

• Below the average score of U.S. consumers

• Though many lenders will approve loans with this score

• Well below the average score of U.S. consumers

Identify the poor rating:

• 800+

• 740-799

• 670-739

• 580-669

• < 580

What does a 670-739 range mean?

• Near or slightly above the average of U.S. consumers

• Most lenders consider this a good score

• Below the average score of U.S. consumers

• Though many lenders will approve loans with this score

• Well below the average score of U.S. consumers

What is a common requirement for obtaining a car loan?

• A) A high school diploma

• B) Proof of income

• C) A gym membership

• D) A library card

Which of the following is a benefit of taking a car loan?

• A) Immediate ownership of the car

• B) No need to pay interest

• C) No monthly payments

• D) No need for a credit check

What is the typical duration of a car loan?

• A) 1-2 months

• B) 6-12 months

• C) 3-7 years

• D) 10-15 years

Which institution is most likely to offer a car loan?

• A) A grocery store

• B) A bank

• C) A school

• D) A hospital

What is the term for the interest rate on a car loan?

• A) Annual Percentage Rate (APR)

• B) Gross Domestic Product (GDP)

• C) Consumer Price Index (CPI)

• D) Federal Reserve Rate (FRR)

What happens if you default on a car loan?

• A) You receive a bonus

• B) The car may be repossessed

• C) Your credit score improves

• D) You get a refund