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Understanding Vehicle Financing
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About AWARE
Overview
Education Allies
In the Community
Auto Financing Road Map
The Auto Financing Road Trip
What You Need to Know
Info For Auto Dealers and Financing Providers
Auto Financing 101: FAQs
Learning Suite
Fast Facts
Auto Financing: A Historical Perspective
Auto Financing Tune Up
Links
Glossary of Auto Financing Terms
Vehicle Repossession Prevention
Understanding Vehicle Financing
Understanding Voluntary Protection Products
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Auto Financing Tune Up
Auto Financing Tune Up
Question 1: Consumers can obtain financing from the following sources:
Question 2: The finance rate (annual percentage rate) offered by the dealership may be negotiable.
Question 3: You should make the decision to buy or a lease a vehicle based solely on what you can afford in your monthly payment.
Question 4: Your credit record affects the financing terms for which you are eligible.
Question 5: The following financing factors affect the amount of the monthly payment:
Question 6: When you finance at a dealership, you typically are entering into an installment sales contract between you and the dealership.
Question 7: Which of the following statements is NOT TRUE if you choose to lease, rather than buy.
Question 8: When you finance a vehicle, the creditor holds a lien (a claim) on the auto title until you have paid the contract in full.
Question 9: When you purchase a vehicle, you must also purchase an extended service contract, credit insurance and guaranteed auto protection.
Question 10: Late or missed payments incur late fees, but do not appear on your credit report.
Question 11: If you're having difficulty making your payments, you should contact your creditor as soon as possible.
Question 12: You can get a free copy of your credit report once every 12 months.
Question 13: With on-site dealership financing, a buyer gets a loan from his or her bank, credit union or other financial institution to pay for a new or used vehicle.
Question 14: You may submit multiple applications for financing within a 14-day period without affecting your credit score.
Question 15: You may be able to refinance your vehicle loan.
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