Auto Financing quiz

Before you make that automobile purchase, take an auto financing quiz to see how much you know about where your money goes.

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Auto Financing Quiz

How well do you know about car purchases and financing? Put your knowledge to the test with the following questions. This quiz has 10 questions and can be completed in 2 – 5 minutes. Are you ready?

Lets go!

1 / 10

1. When you take a loan to buy a car, the bank will charge you a fee for using their money. That amount is measured in percentage. What is that amount called?

Banker

2 / 10

2. Which of these is NOT a way to finance your automobile:

Auto Financing quiz

3 / 10

3. How many years will it take you to pay back a car loan with 60 monthly payments?

Years

4 / 10

4. APR in automobile financing means:

5 / 10

5. Assuming you want to take a car loan, which of these interest rates will make you pay the least amount:

Thinking

6 / 10

6. Your bank decides to increase your interest rate. How will this affect your total payment?

Increased rate

7 / 10

7. Which of these options will usually cost you more money when you complete all the payments required?

Decisions

8 / 10

8. Loan term refers to:

Loan Term

9 / 10

9. The total value of money you want to borrow to buy a car is called?

Total

10 / 10

10. The following details were given on the loan to purchase your dream car:

Vehicle cost – $10,000

Interest rate –  3%

Payment Duration – 60 months

Your monthly repayment will be?

Calculator

Your score is

The average score is 72%

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