Car Sales
Car Sales Quiz: Test Your Knowledge
Welcome to the Car Sales Quiz! This interactive quiz is designed to test your knowledge of car finance, including various financing options, terms, and rates. Whether you're a seasoned professional or just starting to learn about car sales, this quiz will help you understand essential concepts.
Key Topics Covered:
- PRIME and SUBPRIME finance
- Understanding APR
- Different finance options
- End-of-agreement choices
What is PRIME finance
Good credit score + High APR
Good Credit score + low APR
Bad credit score + low APR
Bad credit score + high APR
What is SUBPRIME finance
Good credit score + High APR
Good Credit score + low APR
Bad credit score + low APR
Bad credit score + high APR
What is our current PRIME finance APR
9.4%
10.4%
11.4%
10.9%
What options does a customer have at the end of a PCP agreement
Hand the car back + Trade the car in + Pay the final balance
Hand the car back + trade the car in
Hand the car back
They own the car at the end
What does GMFV stand for
Guaranteed Minimum Future Value
Guaranteed Maximum Future Value
What is the minimum age to apply for car finance
18
17
21
25
Which from of finance allows the customer to own the car once the final payment is made
PCP
Hire Purchase
Contract Hire
Lease Purchase
Which form of finance has a "balloon payment" at the end
PCP
Hire Purchase
Contract Hire
Having a HIGH APR means
A higher Monthly payment + pay less in interest charges
A lower monthly payment + pay more in interest charges
A higher monthly payment + pay more interest charges
A lower monthly payment + pay less in interest
What does APR stand for
Annual Percentage Rate
Annual Prime Rates
Annual Price rate
Having a LOW APR means
A higher Monthly payment + pay less in interest charges
A lower monthly payment + pay more in interest charges
A higher monthly payment + pay more interest charges
A lower monthly payment + pay less in interest
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