Which of the following is not a step toward purchasing an automobile?
Determine affordability
Shop for financing
Analyze needs versus wants
Make a preliminary offer
2 When picking out a car and determining needs versus wants, a person should ask him or herself all of the following questions except:
How much cargo do you carry?
Do you want a manual or automatic transmission?
Do you need two-wheel drive, all-wheel drive, or four-wheel drive?
All choices are correct.
3 How much of a down payment do lenders require when purchasing a car?
10%
15%
20%
40%
4 What is the disadvantage to buying a home?
The value of your house may increase.
Eventually, you will be able to live payment-free.
The value of your house may decrease.
You will gain equity by paying down your mortgage.
5 What is a mortgage?
The legal document used to allow a lender to use real property as collateral
The difference between what is owned vs. what is owed
The transfer of a lease agreement to a new tenant
All of the choices are incorrect.
6 Most lenders require how much of a down payment for a house?
30%
40%
20%
No down payment
7 Why might you have to pay private mortgage insurance (PMI)?
You had more than three traffic violations in the past year.
You put down less than 20% on your home.
You live in a high-risk neighborhood.
You have a history of defaults.
8 What does HELOC stand for?
Health expense license of California
Home equity line of credit
Home equity liquidation of credit
None of the answers are correct.
1 Which of the following is not a step toward purchasing an automobile?
Shop for financing
2 When picking out a car and determining needs versus wants, a person should ask him or herself all of the following questions except:
Do you need two-wheel drive, all-wheel drive, or four-wheel drive?
3 How much of a down payment do lenders require when purchasing a car?
20%
4 What is the disadvantage to buying a home?
The value of your house may decrease.
5 What is a mortgage?
The legal document used to allow a lender to use real property as collateral
6 Most lenders require how much of a down payment for a house?
20%
7 Why might you have to pay private mortgage insurance (PMI)?
You put down less than 20% on your home
8 What does HELOC stand for?
Home equity line of credit
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