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 _______.
Choose wisely. There is only one correct answer.
Preapproved. Preapproved means that you were approved for a loan in advance of actually needing it.
2.
What well known book lists both wholesale and retail prices of used cars?
Choose wisely. There is only one correct answer.
Kelley Blue Book. This book is the most well known source of both wholesale and retail prices of used cars.
3.
What is probably the biggest advantage of buying a used vehicle instead of a new one?
Choose wisely. There is only one correct answer.
The price. For most people, price is the biggest advantage.
4.
How might the "loss of use" coverage help you if your car is being repaired for an insured loss?
Choose wisely. There is only one correct answer.
It would pay for a temporary car for you. The loss of use coverage reimburses you for the temporary inability to use your vehicle.
5.
Most car leases state an annual mileage limit.
Choose wisely. There is only one correct answer.
True. The limit is usually between 10,000 and 15,000 miles.