Personal Finance Courses: Vehicle Acquisition

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1.
If you get a loan from a financial institution before you actually buy the item you are planning to purchase, the loan is called _______.
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Preapproved. Preapproved means that you were approved for a loan in advance of actually needing it.
2.
Why is it important to know your credit score if you plan to lease a vehicle?
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Your credit score factors into your monthly payments. It affects your lease rate, which helps determine your monthly payments.
3.
What is probably the biggest advantage of buying a used vehicle instead of a new one?
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The price. For most people, price is the biggest advantage.
4.
When shopping for a car at a dealership, what might be the purpose of mentioning other dealerships that are offering the same car?
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The dealer might match their prices. The intimidation might work for some, but the main purpose is to make the dealer compete with the other dealers to get your business.
5.
If you see a group of three numbers such as 50/100/15 in reference to auto insurance coverage, what type of coverage are you seeing?
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Liability coverage. These numbers refer to the limits on bodily injury per person, bodily injury per accident, and property damage.