Motor Finance Quiz
Motor Finance Knowledge Quiz
Test your knowledge on motor finance with our engaging quiz! This quiz consists of 10 multiple-choice questions covering various aspects of motor finance, including loans, agreements, regulations, and more.
Challenge yourself and see how much you really know about motor finance:
- Calculate interest over time
- Understand hire purchase agreements
- Know important regulations
- Identify required documents
A loan of £1000 incurs 8% interest per year. If the debtor does not pay any monthly instalments, what will the balance be in 5 years
£1500
£1400
£1365.34
£1469.32
£1745.64
For a £30,000 car, I pay £700 a month for 48 months to fully buy the car. What is the charge for credit on this Hire Purchase Agreement?
£2500
£4000
£3600
£4800
£3300
£2800
What country must a motor finance client live in for us to accept the case?
England and Wales
England
England, Wales and Scotland
The British Empire
UK and Ireland
USA
Northern Ireland and England
What should the final balance of a redeemed car loan finish on in the template?
The value of the initial loan
The sum of all the credit
0
The sum of all the debt
The credit squared
What is the oldest a motor finance case can be run?
Redeemed 6 years prior
Redeemed 4 years prior
Redeemed 8 years prior
Redeemed 2 years prior
John Doe from Devon has taken a Hire Purchase agreement out under his company Fidget Spinners Ltd. Would we be able to run this case?
Yes
No
Which issue would require us to reject a motor finance case
They speak French
The car finance hasn't ended
They have another outstanding loan
They wear tweed
The car doesn't meet ULEZ standards
They are bankrupt
What documents are REQUIRED for a motor finance case?
Statements
Pre-offer details
Driving license
Contract
Car Invoice
Correspondence between lender and debtor
What is 'currently' our accepted quantum for motor finance
£1000
£2000
£5000
£10000
£15000
£20000
What is the capital of South Africa?
Cape Town
Melbourne
Paris
Johannasburg
Durban
Pretoria
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