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Name: Auto Loans & Leases Date:1 Discussion PromptsDiscuss these questions with your classmates or with a partner.Imagine your life as an independent adult, after you’ve graduated from school. Will you have a car? Is the car a need or a want?What kind of car do you envision to be suitable for you?If you don’t have a car, how are you getting around instead?2Should I Use Financing to Buy A Car?Read the section “Know Your Financing Options”. How are direct lending and dealer financing similar? Which seems like the better option?3How to Get the Best Auto LoanWatch the video provided and then fill in the blanks at the right. The larger your down payment amount, the ________________ your monthly payments.The higher your credit score is, the ________________ your APR. You should shop around for a loan preapproval from a direct lender before going to the dealer because ____________________________________________________________The shorter your term length, the ________________ your monthly payments, and the ________________ the total interest you will pay.Circle one: You [should/should not] tell the dealer the maximum you can pay per month.4Understanding Auto Loan BasicsRead this article to understand the implications of car loans. There are ways to lower your monthly payment (larger down payment or longer term). What are two reasons someone might purposely choose a HIGHER monthly payment?5COMPARE: Auto LoansFollow the directions on the workshe 6 Auto Loan vs. LeaseWatch this video and then list out the advantages and disadvantages of a lease. Advantages:Disadvantages:7COMPARE: Select the Right Auto FinancingFollow the directions on the worksheet to complete this activity. 8Paying Your Car LoanWatch this video and note one thing you SHOULD do if your car loan suddenly becomes too expensive and one thing you should NOT do in that situation. 9How I Escaped My Expensive Car LoanIf you cannot afford your car loan and your lender is not willing to compromise with you, this article gives five solutions. Rank the tips in order from MOST likely to work for you to LEAST likely to work for you (if you were in this situation).10Review When borrowing money through an auto loan, how will the size of your down payment affect your loan amount and your monthly car payment?What could happen if you don’t make payments to your lender on time?What recommendation would you make to a friend who tells you they have trouble affording their car payment? ................
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