Lesson Objectives
- Demonstrate how to fill out a car loan application
Assignment CU4.3
- 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.
- Record these results in paragraph format in your Google Document titled Types of Loans-(Your Initials).
- 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. Some car shopping sites you could use are:
- Make a copy of this Google Document and 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.
- Use the information on the ad for the vehicle you chose, complete this loan application, which will be printed for you.
- Assume you have 40% down on the purchase and have to get a 5 year loan for the remaining amount.
- Complete the Unit section from the information presented in your car advertisement.
- Complete the Applicant section based on your personal information
- Complete the Employment and Financial Information section based on the job you applied for back in the Employment Unit, Lesson 3, “The Right Job” and “Cover Letter.” If your job didn’t have a salary listed, use the average for your career area from the “My Career” assignment in your Lesson 2 folder in the Employment Unit.
- Complete the Spouse section based on whether you plan to get married someday or not.
- Complete the Personal Reference section based on yourself and people who would give you a good reference.
- Complete the Credit Reference section with the following information:
- Sibley State Bank, 803 4th Ave, Sibley, IA 51249, Mortgage Loan, $575.00, $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.
- Hand your application in when you are finished.