Day 103

Lesson Objectives

  • Demonstrate how to fill out a car loan application

Assignment CU4.7

  1. How do loans work?  Watch the car loan video below to determine the important steps that were advised to be taken when getting this particular loan.  Also, note what things you may want to avoid.
  2. Search the internet for a vehicle you would like to purchase.  You will find the vehicle at three different locations to determine your best option for buying.  Make a copy of this Google Document (Espanol), rename it Car Shopping-(Your Initials), and place it in your Lesson 4 folder.  In the three rows that are blank, list the three options you are using to make your final purchase choice.  Based on the information from your table, make a choice on what car you would choose to purchase.  Some car shopping sites you could use are:
  3. Using the information on the ad for the vehicle you chose, make a copy of this loan application, name it Car Loan-(Your Initials), and place it in your Lesson 4 folder.
    1. Assume you have 40% down on the purchase and have to get a 5-year loan for the remaining amount.  
      • Unit:  Complete this section using the information presented in your car advertisement.
      • Applicant:  Complete this section based on your personal information.
      • Employment:  Complete these sections based on the following:
        • The job you applied for back in the Employment Unit, Lesson 4, “The Right Job” and “Cover Letter.”  
      • Financial Information:
        • Income, Fixed Monthly Obligations, and Other Living Expenses refer to “My Budget” sheet in your “Creating a Budget” assignment in your Lesson 4 folder in the Budget Unit.
      • Personal Reference
        • Personal References:  provide 2 personal references at a minimum.
      • Credit Reference:  Complete this section with the following information:
        • Sibley State Bank, 803 4th Ave, Sibley, IA 51249, Mortgage Loan, $94,567.00
        • Credit Card:  Mastercard
        • Savings Acct:  Sibley State Bank
        • Current Acct: Sibley State Bank
      • Be sure to sign the bottom of the application.  *To do so, go to the Insert Menu and select Drawing.  Use your touchscreen to create your signature.  Then place your signature in the designated box.