What is one strategy that can help a borrower reduce the cost of an auto loan?A.The borrower can increase the amount of the principal.B.The borrower can make a higher down payment.C.The borrower can make only the minimum payment each month.D.The borrower can lengthen the term of the loan.SUBMITarrow_backPREVIOUS

What is one request a borrower can make of a lender in order to reduce monthly payments?A.The borrower can ask for the grace period to be extended.B.The borrower can ask for the annual fees to be eliminated.C.The borrower can ask for a reduction of the interest rate.D.The borrower can ask to be absolved of all penalties.SUBMITarrow_backPREVIOUS

What is one step a borrower should take in order to better control their debt?A.Apply for more credit cardsB.Pay only the minimum monthly paymentC.Declare bankruptcyD.Carefully examine their expensesSUBMITarrow_backPREVIOUS

John wants to buy a car and is trying to decide whether he wants to accept a pre-qualified auto loan from his credit union or if he wants to directly finance the car from the dealership. What should he do?*1 pointFinance the car directly with the dealership since they always have better interest ratesCompare the two offers and choose the one through which he’d pay the least amount of money overallFinance the car with the credit union - since they’re a local organization, they always have the customers’ best interests at heartCompare the two offers and choose the one with the longest term so that he has more time to pay it off

You're paying your credit card bill and your student loan payment each month, but you're falling behind on your auto loan payment. Which friend's advice could have a NEGATIVE impact on your credit score?*1 pointJoanie says, "Call the auto lender and see if you can negotiate a lower monthly payment or some other deal."Debbie says, "Stop making the credit card payment for a few months until you're caught up on the auto loan."Angie says, "Pick up a second job for as long as it takes to accumulate enough money to make all your payments, even if it means losing time with friends and family."Betty says, "Cut down to a bare bones budget, where your necessities and your debt repayments take first priority. Cut everything non-essential."

Which statement about the cost of loans is correct?A.The less often interest is compounded, the more the loan will cost.B.The lower the interest rate, the more the loan will cost.C.A short-term loan accrues less total interest than a long-term loan.D.A short-term loan charges more interest than a long-term loan.