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Once you have decided upon the type of vehicle you would like to acquire, you must figure out how you will pay for it. You basically have three choices:  pay all cash, which few people can do, buy the vehicle by making monthly payments over time through an installment loan, or lease the vehicle for a period of time. This module describes ways to finance a new or used vehicle.


In this module, you will learn:

  • The difference between the purchase and lease of a vehicle.
  • Benefits and drawbacks to leasing.
  • How your credit rating affects your interest rate.
  • Estimating your monthly payment based on interest rate and loan length.
  • How total finance charges increase as loan length gets longer.
  • The residual value of a lease.
  • Estimating the monthly payment of a lease.
  • Direct versus indirect financing of a vehicle.
  • Dealer financing and insurance departments.
  • Negotiating the best financing deal.