Auto Financing Tune Up

Auto Financing Tune Up

Take this quiz to check your auto smarts!

Consumers can obtain financing from the following sources:

The finance rate (annual percentage rate) offered by the dealership may be negotiable.

You should make the decision to buy or a lease a vehicle based solely on what you can afford in your monthly payment.

Your credit record affects the financing terms for which you are eligible.

The following financing factors affect the amount of the monthly payment:

When you finance at a dealership, you typically are entering into an installment sales contract between you and the dealership.

Which of the following statements is NOT TRUE if you choose to lease, rather than buy.

When you finance a vehicle, the creditor holds a lien (a claim) on the auto title until you have paid the contract in full.

When you purchase a vehicle, you must also purchase an extended service contract, credit insurance and guaranteed auto protection.

Late or missed payments incur late fees, but do not appear on your credit report.

If you're having difficulty making your payments, you should contact your creditor as soon as possible.

You can get a free copy of your credit report once every 12 months.

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.

You may submit multiple applications for financing within a 14-day period without affecting your credit score.

You may be able to refinance your vehicle loan.

Your score is

The average score is 52%