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Personal Finance Courses: Vehicle Acquisition

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1.
Your car's license plate establishes you as the legal owner of the vehicle.
Choose wisely. There is only one correct answer.
False. The title, not the license plate, does this.
2.
When preparing to buy a vehicle, it is a good idea to prepare financially as well. Some costs, such as gas and insurance, should be factored into your monthly budget.
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True. It is a good idea to budget for these costs so you have money available for them.
3.
It is always good to buy an extended warranty on a vehicle.
Choose wisely. There is only one correct answer.
False. There is no set answer to this; it will depend on whether you think you will need a lot of repairs in the future.
4.
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.
5.
Why is it important to know your credit score if you plan to lease a vehicle?
Choose wisely. There is only one correct answer.
Your credit score factors into your monthly payments. It affects your lease rate, which helps determine your monthly payments.