Auto Loans - combsbusiness.org · Auto Loan Vocabulary • Financing • Down Payment • Principal...
Transcript of Auto Loans - combsbusiness.org · Auto Loan Vocabulary • Financing • Down Payment • Principal...
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Auto LoansUsing Credit Wisely in Purchasing a Vehicle
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Auto Loan Vocabulary
• Financing
• Down Payment
• Principal
• Interest/APR
• Maturity Value
• Monthly Payment
• Loan Term
• Lease
• Tax, Title, Registration
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Source of the Loan• Financing Offers - Dealership
• Banks
• Credit Unions
• Consumer Finance Company
Compare to Find
Best Deal
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Financing Offers/Sales
• Compare the Total Costs
0% or Cash Back
Interest Rates
• Identify the Maturity Value of the Loan using Loan Calculators.
Bank Rate
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The Loan
• Monthly Payments
• Total Interest
• Principal
• Maturity Value
• Term
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How Much Can You Afford?Determine the following:
• Down Payment (20%)
• Trade In?
• Monthly Payment AND Term
• Tax, Title, Registration
Total Vehicle Cost
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How to Reduce the Maturity Value
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Car Buying Thoughts
• Warranties • Trade-In • Where to Buy - Let them
compete! • The Target Price • Total Price/The Monthly
Payment • Questions??