Test Your Car Buying and Financing IQ

1. Am I really getting the best interest rate and15. I just bought a used 2 year old car and it
loan terms that I qualify for?breaks down constantly; isn't there a lemon law
2. What's the difference between a purchase andthat I can use?
a lease?16. I leased my car for 48 months; now, 2 years
3. How much should the used car I want to buylater, I would like a new vehicle. Am I stuck in this
really cost? What's the true market value?lease?
4. What is my present car really worth, and17. I have a low credit score and a credit repair
should I trade it in or sell it myself?specialist has recommended that I apply for an
5. How can I be sure that my car salesman isn'tEmployee Identification Number from the IRS and
just telling me what I want to hear?start using it in place of my social security
6. The dealer suggested that I buy an extendednumber. Should I do this?
warranty; should I, and if so what should it cost?18. I bought a car a couple of weeks ago and
7. Where is the best value: in a new car or a usednow the dealer is telling me that the financing
one?didn't go through. Do I have any rights here or do
8. I went to my bank to get an auto loan andI have to return the vehicle?
was denied. Will a dealer be able to help me?19. I can't afford my car payment, but a friend of
9. I went to a dealer that advertises "In Housemine can. Can I simply turn over the car to my
Financing"; will this help me rebuild my credit?friend and let them make the payments.
10. I hate the back and forth haggling when I buy20. I recently filed bankruptcy and will have a
a car. Is it possible to buy a car without all thedischarge letter shortly. I need to buy a car; will I
haggling?have any hope of financing or will I be forced to
11. I need to buy a car; am I better off buyingdrive a car that my small down payment will pay
from a private party seller?for?
12. I'm considering a new car purchase and theHow did you do? I'll bet that you'd be surprised at
dealer has offered to sell me the car at invoice. Isthe real answers to the questions you're sure you
this a good enough deal?got right.
13. How much down payment will I really need toIf you can't answer, without any doubt, all of the
finance a car?questions that apply to your situation, then you're
14. Why is the dealer telling me that I'm approvedmaking a big mistake if you buy a car without
for a $450 car payment, when I know I can onlyfirst reading "The Insider's Secrets".
afford $250?