Personal Finance Courses: Vehicle Acquisition

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1.
If someone steals a precious ornament from the hood of your car, that theft would be covered under _______ coverage.
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Comprehensive. Comprehensive coverage pays for non-collision damages.
2.
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.
3.
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.
4.
Financial advisors usually recommend that your car payments should be how much of your take-home pay at the most?
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20%. This is the common recommendation.
5.
On average, auto insurance will cost you less if your car is _______.
Choose wisely. There is only one correct answer.
Used. Generally, insurance on a used car costs less when the car is used.