Take this quiz to check your auto smarts!
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.