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Questions and Answers
A zero down payment on a vehicle purchase results in a larger amount financed.
A zero down payment on a vehicle purchase results in a larger amount financed.
True (A)
Putting 50% down on a vehicle purchase reduces the amount financed by half.
Putting 50% down on a vehicle purchase reduces the amount financed by half.
True (A)
A larger down payment on a vehicle purchase always results in higher monthly payments.
A larger down payment on a vehicle purchase always results in higher monthly payments.
False (B)
Making a small down payment on a vehicle purchase will not significantly impact the amount financed.
Making a small down payment on a vehicle purchase will not significantly impact the amount financed.
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The total purchase price of a vehicle has no effect on the amount financed when a down payment is made.
The total purchase price of a vehicle has no effect on the amount financed when a down payment is made.
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Study Notes
Vehicle Financing
- A small down payment on a vehicle purchase results in a smaller amount financed.
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