Buying A Car; lesson 5
What do lender look for?
1.Steady income 2.Established residence 3. Established employment 4. Credit history
SUV (sports Utility Vehicle)
A car designed to have multiple rows or seats significant towing power.Must also habe to ability to drive off-road.
What is a Minivan?
A car that is designed for maximum passengers space.It has multiple rows of seats,but often doesn't offer significant tower power or off-road capability.
Coupe
A car with two front seats and a smaller backseat for occasional passengers. It usually has two doors but sometimes has four.
Sedan
A common type of car that has two rows of seats and a trunk. It can have two door or four doors, but the backseat should be able to seat adults comfortably
No-Fault Auto Insurance
A system under which drivers must have coverage for their own protection.It also limits the damages for which and injured party can sue. Under the system, after and accident both parties would be covered by their own insurance policies. Only some states use this system.
Lease?
An agreement that gives one party the use of a commodity for a specified period of time and for a specified price.
What is a loan?
An amount of money given to the borrower for a set period of time. After the set time has passed,the money must be payed off plus the lending fee,called interest. Payments are normally made over a series of month.
Another word for APR?
Interest rate
What will help you determime the value of a particular make and model and offer advice on hoe to deduct for any damages caused by the previous owner
Kelley Blue Book kbb.com
Liability Insurance
The compensates and injury party up to a certain amount outlined in a policy statement. This type of insurance ensure you will be able to pay for any damages you cause.
Collision Insurance?
This covers the car of the insured person and pays for repairs after an accident or cash compensation if the car can't be repaired.This type of coverage is optional.
APR?
annual percentage rate
Many dealerships will have begun offerening ______________ programs to combat this problem and ensure the quality of their used car
certified pre-owned
What is APR?
number calculated by taking into account the total cost of the loans
