Car Buying Basics

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Which step in vehicle financing involves getting a free copy of your credit report?

Step 3 (correct)

Step 4

Step 1

Step 2

What is the purpose of getting pre-approved by a lender in vehicle financing?

To get cash back options

To choose a vehicle

To negotiate a lower interest rate (correct)

To dispute errors on your credit report

What should you be cautious of when reading the fine print in a vehicle financing agreement?

Prepayment penalties (correct)

Understanding the terms

Getting legal assistance

Moving the vehicle out of the country

Who can you speak with to learn more about auto loan financing?

Personal financial managers Signup and view all the answers

What is the importance of knowing your numbers in vehicle financing?

To stick to your budget Signup and view all the answers

Which of the following is NOT one of the five fundamental steps of vehicle financing?

Take out a loan from the dealership Signup and view all the answers

What does it mean for the bank to hold the title of a car?

The bank has a lien on the car Signup and view all the answers

What additional fees might a lender charge for a car loan?

Credit processing fees Signup and view all the answers

What factors can help you get a lower APR on a car loan?

Having a good credit score Signup and view all the answers

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 Signup and view all the answers

Car Buying Basics

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Questions and Answers

Which step in vehicle financing involves getting a free copy of your credit report?

What is the purpose of getting pre-approved by a lender in vehicle financing?

What should you be cautious of when reading the fine print in a vehicle financing agreement?

Who can you speak with to learn more about auto loan financing?

What is the importance of knowing your numbers in vehicle financing?

Which of the following is NOT one of the five fundamental steps of vehicle financing?

What does it mean for the bank to hold the title of a car?

What additional fees might a lender charge for a car loan?

What factors can help you get a lower APR on a car loan?

Why is it important to clean up errors on your credit report before applying for a car loan?

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