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    J - Student Activity Packet 9WK-5.5

    Uploaded by

    Joseph Baldwin
    This 9-week course unit focuses on understanding auto loans. Students will learn to calculate the costs of auto loans given factors like down payments, interest rates, and loan terms. They will compare auto loan offers and consider how different offers fit within their budget. The unit also teaches students how to negotiate with car salespeople to get the best deal on an auto loan.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd

    J - Student Activity Packet 9WK-5.5

    Uploaded by

    Joseph Baldwin
    499 views3 pages
    This 9-week course unit focuses on understanding auto loans. Students will learn to calculate the costs of auto loans given factors like down payments, interest rates, and loan terms. They will compare auto loan offers and consider how different offers fit within their budget. The unit also teaches students how to negotiate with car salespeople to get the best deal on an auto loan.

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    j - Student Activity Packet 9WK-5.5

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    This 9-week course unit focuses on understanding auto loans. Students will learn to calculate the costs of auto loans given factors like down payments, interest rates, and loan terms. They will compare auto loan offers and consider how different offers fit within their budget. The unit also teaches students how to negotiate with car salespeople to get the best deal on an auto loan.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    499 views3 pages

    J - Student Activity Packet 9WK-5.5

    Uploaded by

    Joseph Baldwin
    This 9-week course unit focuses on understanding auto loans. Students will learn to calculate the costs of auto loans given factors like down payments, interest rates, and loan terms. They will compare auto loan offers and consider how different offers fit within their budget. The unit also teaches students how to negotiate with car salespeople to get the best deal on an auto loan.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 3
    At a glance
    Powered by AI
    The key takeaways from the passage are how to calculate auto loan costs, compare offers, and negotiate with car salespeople to get the best deal.

    Look at the miles on the car, test drive the car at different speeds, get the initial price from the salesperson without sharing your maximum budget.

    Paying off the loan faster to save on interest costs over the life of the loan, and reducing the total interest charged by paying more than the minimum each month.

    9-Week Course

    5.5 Understanding Auto Loans


    Student Activity Packet
    UNIT: TYPES OF CREDIT

    Name:

    In this lesson, you will learn to:


    ● Calculate how much an auto loan will cost given special offers as well as standard factors such as down
    payment, APR, and term
    ● Compare auto loan offers and decide how they fit within your budget
    ● Negotiate with car salespeople to get the best deal

    NOTE: Vocabulary for this unit can be found in the NGPF Personal Finance Dictionary

    RESOURCES QUESTIONS

    Estimated time: 5 mins


    Discussion Prompts
    1 Discuss these questions 1. If you think of car commercials on TV, internet, or print, what are some of
    with your classmates or with the special offers advertised?
    a partner. The car commercials on TV advertise things like low msrp, low apr,
    and other things like that.

    2. What advice have you heard or been given about buying cars?
    Look at the miles on the car, speed when you try the car out, get the
    salesman to give you the first price, don't tell them how much you are willing
    to pay.

    Estimated time: 8 mins


    Estimate Your Monthly Car
    2 Loan Payment 1. What is your monthly payment?
    Auto loans are amortized $443
    installment loans, so once
    the terms of your loan are 2. Experiment with the values in the calculator to complete the chart. Use
    set, your payments should up or down arrows to indicate how the Action impacts the Monthly
    stay the same month after Payment and Total Cost of the Car Loan.
    month. Assume you are
    Action Monthly Payment Total Cost
    taking a $20,000 car loan,
    of the Car Loan
    for a term of 48 months,
    with an interest rate of 3%. Increase the Same Decrease
    Use this calculator to answer amount of down
    the following questions. payment

    Secure a lower same Decrease(good apr)


    APR

    www.ngpf.org Last updated: 6/27/19


    1
    Extend the term Lower Higher(interest)
    of your loan

    Pay more than Same Decrease


    the minimum
    monthly bill

    3. What are two reasons someone might purposely choose a HIGHER


    monthly payment?
    Pay off loan faster, reduce amount of interest that is charged to you

    Estimated time: 20 mins


    COMPARE: Auto Loans
    3 Perhaps you think it will be
    easy to make responsible
    decisions regarding auto
    loans in your future. But,
    decision making can be
    tricky when you’re
    considering your dream car.
    Follow the directions on the
    sheet to complete the
    activity.

    Estimated time: 7 mins


    The Art of the Deal: How
    4 to Haggle for a Used Car 1. Why is it important to “haggle” when negotiating to buy a car?
    They say that knowledge is It's important because you can get better deals on the car you want to
    power, which is why it’s so buy. You can get special offers like extended warranty and other
    important to understand different offers
    how auto loans work. On
    top of that, learning to
    negotiate well can be a
    huge asset. Watch the 2. What strategies were most effective during the “haggling” process? Why
    video then answer the do you think they were effective?
    following questions: The strategie that I think was the most effective way to get the
    salesperson to say the first price, this gives you an idea of what to offer. I
    think its effective because you can throw a reasonable offer with that
    information.

    3. Do you think that you could successfully negotiate a fair price for a car? If
    yes, why? If no, what could you do to help prepare yourself?
    I think that if I properly prepare myself I can, because I can easily
    negotiate with people. I just need to know all the information of the car and
    how much the salesperson is asking for the car.

    www.ngpf.org Last updated: 6/27/19


    2
    Estimated time: 5 mins
    Exit Ticket
    5 Follow your teacher’s
    directions to complete the
    Exit Ticket.

    www.ngpf.org Last updated: 6/27/19


    3

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