Task
You mission is to find a reliable car that you can afford to buy and choose what type of loan you'd like to take to help pay for it. In order to do that, we'll need to go through a couple of steps, and understand what your budget limitations are.
What to do
Step 1: Find out your credit score
For this activity, you will be given a credit score rating of Prime (Excellent), Non-Prime (Good), Subprime (Fair), Deep Subprime (Poor). Your teacher will assign you this score. You will need to use this rating when determining what interest rates you qualify for.
Step 2: Vehicle Requirements
You decide that you want a vehicle that is automatic, has under 125k miles, is a 2016 or newer model, and can fit at least four people. Make sure your chosen vehicle meets these requirements.
Step 3: Dealership
To prevent you from meeting internet strangers, you must purchase your car from a dealership. Ed Voyles is a community partner for CCSD and as such, you feel they are the dealership you should buy from. You can pick your car from any of the Ed Voyles Dealerships!
Step 4: Financing
Chances are, even with savings, you won't be able to afford a car just paying cash. As such, most people purchase a car with the help of financing - or a car loan. Different loans have different terms and rates and you will be comparing your options in this activity. Make sure to follow and read the links provided in the next tab!
Step 5: Making a Decision
Using the information you've gathered and calculated, make a decision about which financing option is right for you!
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