Now imagine you are about to apply for a loan for your next car….

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Question Answered step-by-step Now imagine you are about to apply for a loan for your next car…. Now imagine you are about to apply for a loan for your next car. Complete the following questions using bullet points or letters to separate answers:        A)  What car do you want to buy?  What loan amount would you need if you had no savings?                             B) What interest rate might you be offered by a lender? Navigate to the auto loan rate on BankRate’s website: https://www.bankrate.com/loans/auto-loans/rates/ Select the following information as it applies to you: loan term length, credit score range, and zip code.  On the next line, select used auto purchase or new auto purchase. ( please use zip code 43062) What is the lowest auto loan rate you see listed in the lender results?  Note: If the parameters you use do not generate rates, scroll down to “Average Interest Rates by Credit Score” and select the rate that best represents your credit score.Example: 6.38%                      C) What would be your monthly loan amount based on the above interest rate?Navigate to the auto loan calculator on BankRate’s website: https://www.bankrate.com/calculators/auto/auto-loan-calculator.aspxType in your desired loan amount, 36 months, new/used, and the interest rate you found in item B above. Hit Enter or See amortization schedule.                D) How much total interest would you pay for this loan?            E)  Where do you think you might be offered the best interest rate – a bank or a car dealership?  Why?  Accounting Business Financial Accounting ACCTMIS 3100 Share QuestionEmailCopy link Comments (0)