Personal Finance Courses: Vehicle Acquisition

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1.
How might the "loss of use" coverage help you if your car is being repaired for an insured loss?
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It would pay for a temporary car for you. The loss of use coverage reimburses you for the temporary inability to use your vehicle.
2.
Before you buy a car, you can get a pre-approved loan from a financial institution.
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True. This can be to your advantage when negotiating the terms of the deal.
3.
The cost of ownership of a vehicle is the same as the price you paid for it.
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False. The cost of ownership is the various expenses you will pay for the vehicle over the time that you own it.
4.
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.
5.
When negotiating the price of a car, which starting point is likely to save you the most money?
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The dealer's price. The dealer's price is what the dealer originally paid for it. Negotiating up from this, rather than down from the asking price, may save you more money.