Test Drive your knowledge! See how much you know about loans. Click the ignition button to begin!

Test Drive your knowledge!See how much you know about loans.

Click the ignition button to begin!

What does APR stand for?

Click on the best response

Annual Percentage Rate

Actual Purchase Right

A Poor Review

Anonymous Personin Retail

Correct! Sunny skies ahead!

APR stands for Annual Percentage Rate.It’s the annual interest total on you loan.

Incorrect! Watch out for rain!

APR stands for Annual Percentage Rate.It’s the annual interest total on you loan.

What is the best definition for True Market Value?

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The dealerships best offers

The price at which similar cars are being sold for

The pledge dealers take before working with you to buy a car

Local deals

Correct! Sunny skies ahead!

True Market Value is the price at which cars similar to the one you are interested in are being sold.

This could be a handy tool when negotiating.

Incorrect! Watch out for rain!

True Market Value is the price at which cars similar to the one you are interested in are being sold.

This could be a handy tool when negotiating.

Choose the best example of a good loan

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A low interest rate with a pre-payment penalty

An affordable monthly payment with a competitive interest rate

A low monthly payment payable in 600 months

All of the above

Correct! Sunny skies ahead!

A good loan is one that has an affordable monthly payment with a competitive interest rate for your payment

term.

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A good loan is one that has an affordable monthly payment with a competitive interest rate for your payment

term.

Which of the following is a bad loan?

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A loan with a low late penalty fee

A loan with add-on insurance

A loan payable in 36 months

A loan with a low interest rate

Correct! Sunny skies ahead!

A bad loan can be one with a high late penalty fee and/or add-on insurance because your loan payments will be

higher.

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A bad loan can be one with a high late penalty fee and/or add-on insurance because your loan payments will be

higher.

How can a low credit score impact my loan?

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Higher Annual Percentage Rate

Denied a loan

Hard to get Approved for a loan

All of the above

Correct! Sunny skies ahead!

A low credit score can prevent you from getting a good interest rate on your loan or from getting a loan at all.

Incorrect! Watch out for rain!

A low credit score can prevent you from getting a good interest rate on your loan or from getting a loan at all.

Here is your score:

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