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NAME_______________________ AUTO - FINANCIAL RESEARCH*SAVE FORM AS AUTO LOAN IN YOUR CLASS FOLDER, TYPE & HIGHLIGHT YOUR ANSWERS ON EACH BLANKFind 2 used cars (or trucks) online that you would be interested in purchasing in the Allen/Dallas area. 1 should be realistic ($5,000- $20,000) , the other for fun. Do research on the 2 vehicles (they can be the same make/model or something different). Answer the following questions. Most financial institutions will only finance a vehicle if it’s not over 10 years old, and most used car loans will be for a maximum of 5 years (see the financial institutions conditions). Auto #1 Year _________ Make_____________ Model____________ Price____________Who is selling it (auto dealer or an individual?_______________________________What features does it have that you are looking for ______________________________________________________________________________________________________________What do you not like about the vehicle?___________________________________________Would you say it’s it FAIR, GOOD, or EXCELLENT condition.___________________________Does it have a CARFAX report?_______________________________________________What is a CARFAX report?______________________________________________________Kelley Blue Book Value (tab on web site)Based on vehicle information is the condition: Excellent, Good or Fair (circle one)What is the Trade in Value:_____________________What is the Private Party Resale Value:__________________WHAT IS THE PRICE DIFFERENTIAL BETWEEN BLUE BOOK VALUE & SALES PRICE (Trade in Value - Sales Price ) $______________*IT’S OVER PRICED IF SALES PRICE IS GREATER THAN TRADE IN VALUE, VALUES SHOULD BE EQUALFINANCING (see financing tab, web site uses for its financing)From finance tab, change calculator to sales price and estimate your monthly payment.Most car loans are 3, 4, or 5 year - 36 months, 48 months, 60 months Most institutions will charge a higher rate the older the vehicle and the longer the term of the loan.Calculate your monthly payment on the following lengths of timeMONTHLY PAYMENT: 36 months $________ 48 months$_________ 60 months$__________APR or interest rate________________ Amount Financed (Includes TT & L minus any cash you put down) $____________________On the principle amount you must include TT&L (tax, title, license)Your taxes are 6.25% of the purchase price plus your title, license, etc are about $125.*RESEARCH THE INTERNET ON BANK OR CREDIT UNION INTEREST RATES FOR CARS. YOU CAN USE Chase Bank, Bank of America, Etc to check current ratesNAME OF THE BANK YOU RESEARCHED__________________________ INTEREST RATE RANGE_________________________*INTEREST RATE RANGE CAN VARY BASED ON YOUR CREDIT SCOREINSURANCE- (The higher the price of the car, the higher the insurance). How much would your car insurance be? If you finance the vehicle you must get full coverage. Research but don’t give any personal information. Research 2 but record only one.INSURANCE COMPANY___________________________ MONTHLY PAYMENT____________*Insurance avg. is usually about 1% of purchase price EX $10,000 financed for a car, insurance $100 a month.Auto #2 Year _________ Make_____________ Model____________ Price____________Who is selling it (auto dealer or an individual?_______________________________What features does it have that you are looking for ______________________________________________________________________________________________________________What do you not like about the vehicle?___________________________________________Would you say it’s it FAIR, GOOD, or EXCELLENT condition.___________________________Does it have a CARFAX report?_______________________________________________What is a CARFAX report?______________________________________________________Kelley Blue Book Value (tab on web site)Based on vehicle information is the condition: Excellent, Good or Fair (circle one)What is the Trade in Value:_____________________What is the Private Party Resale Value:__________________WHAT IS THE PRICE DIFFERENTIAL BETWEEN BLUE BOOK VALUE & SALES PRICE (Trade in Value - Sales Price ) $______________*IT’S OVER PRICED IF SALES PRICE IS GREATER THAN TRADE IN VALUE, VALUES SHOULD BE EQUALFINANCING (see financing tab, web site uses for its financing)From finance tab, change calculator to sales price and estimate your monthly payment.Most car loans are 3, 4, or 5 year - 36 months, 48 months, 60 months Most institutions will charge a higher rate the older the vehicle and the longer the term of the loan.Calculate your monthly payment on the following lengths of timeMONTHLY PAYMENT: 36 months $________ 48 months$_________ 60 months$__________APR or interest rate________________ Amount Financed (Includes TT & L minus any cash you put down) $____________________On the principle amount you must include TT&L (tax, title, license)Your taxes are 6.25% of the purchase price plus your title, license, etc are about $125.*RESEARCH THE INTERNET ON BANK OR CREDIT UNION INTEREST RATES FOR CARS. YOU CAN USE Chase Bank, Bank of America, Etc to check current ratesNAME OF THE BANK YOU RESEARCHED__________________________ INTEREST RATE RANGE_________________________*INTEREST RATE RANGE CAN VARY BASED ON YOUR CREDIT SCOREINSURANCE- (The higher the price of the car, the higher the insurance). How much would your car insurance be? If you finance the vehicle you must get full coverage. Research but don’t give any personal information. Research 2 but record only one.INSURANCE COMPANY___________________________ MONTHLY PAYMENT____________*Insurance avg. is usually about 1% of purchase price EX $10,000 financed for a car, insurance $100 a month.DECISION TO BUY?WHICH AUTO IS THE BEST VALUE:_____________________________________________WHICH ONE WOULD YOU BUY AND WHY? _____________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ ................
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