10 Questions
Which step in vehicle financing involves getting a free copy of your credit report?
Step 3
What is the purpose of getting pre-approved by a lender in vehicle financing?
To negotiate a lower interest rate
What should you be cautious of when reading the fine print in a vehicle financing agreement?
Prepayment penalties
Who can you speak with to learn more about auto loan financing?
Personal financial managers
What is the importance of knowing your numbers in vehicle financing?
To stick to your budget
Which of the following is NOT one of the five fundamental steps of vehicle financing?
Take out a loan from the dealership
What does it mean for the bank to hold the title of a car?
The bank has a lien on the car
What additional fees might a lender charge for a car loan?
Credit processing fees
What factors can help you get a lower APR on a car loan?
Having a good credit score
Why is it important to clean up errors on your credit report before applying for a car loan?
To increase your chances of loan approval
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