Module 5: Cars and Insurance
Choosing a Car:
In most places that you live, having a car will be necessary for your life. In this module, you will shop online for a new or used car that you would be interested in buying. After you have chosen the car you would like to buy you will record some specific information about your future car in your google document. Since we ware assuming this is happening post-graduation from college, you will now need to get a loan from the bank so you can make payments on your car. To determine how much you will be paying in car payments for a month you will need to use a loan calculator on the internet, which I will provide for you in the google document.
Here are the parameters for shopping for your new car:
-It can be new or used
-It must be listed for sale on the internet, and you will provide the source you used to find it
-You can buy any car you want, however, you will be creating a budget in the next module and you should consider your salary and that you will also be having to pay for rent, utilities, etc. Be wise when making your decision
Car Loan:
Since this is the very first car you will ever own you do not have a car to trade in. You do know that if you put a down payment of 10% of your car, then you will get an interest rate of 4%, but if you do not put a down payment down on your car you will get a 5.3% interest rate for your loan. You will determine the monthly cost and total cost using both scenarios. You will be able to change the amount of your monthly payment based on the length of your loan (the length of the loan must be in whole years, converted to months). So using the price for your car, determine the amount of your monthly payment based on the length of the loan, the total amount that you will pay for the car and the total amount of interest that you will have to pay.
After you have done this you must choose the payment plan that you believe would be best for you remembering you have other bills throughout the month to still pay for other than your car payments.
Car Insurance:
After you have done this we all know we cannot legally drive on the road without first having auto insurance. You will then go to an auto insurance website and obtain a free quote for how much you will pay for auto insurance. When you calculate auto insurance, you should use the age you will be at graduation (consider master's degree/bachelor's degree/associate's degree). Before you get a quote on Auto Insurance, you need to understand the terms associated with auto insurance. Watch the video below and then read the Auto Insurance Guide document to gain a better understanding. Take notes, as this may be a part of a quiz. (You do not need to complete the activity on the last page)
Use the following site to get severaal quotes at once. Make sure to edit the information on the left hand side of the quotes page to reflect your specific situation (age, gender, insurance preferences etc.)
https://www.nerdwallet.com/insurance/compare-car-insurance-rates/
When you get your rates using this site, on the top left click "view coverage details" to get information to complete the table in your project.
In most places that you live, having a car will be necessary for your life. In this module, you will shop online for a new or used car that you would be interested in buying. After you have chosen the car you would like to buy you will record some specific information about your future car in your google document. Since we ware assuming this is happening post-graduation from college, you will now need to get a loan from the bank so you can make payments on your car. To determine how much you will be paying in car payments for a month you will need to use a loan calculator on the internet, which I will provide for you in the google document.
Here are the parameters for shopping for your new car:
-It can be new or used
-It must be listed for sale on the internet, and you will provide the source you used to find it
-You can buy any car you want, however, you will be creating a budget in the next module and you should consider your salary and that you will also be having to pay for rent, utilities, etc. Be wise when making your decision
Car Loan:
Since this is the very first car you will ever own you do not have a car to trade in. You do know that if you put a down payment of 10% of your car, then you will get an interest rate of 4%, but if you do not put a down payment down on your car you will get a 5.3% interest rate for your loan. You will determine the monthly cost and total cost using both scenarios. You will be able to change the amount of your monthly payment based on the length of your loan (the length of the loan must be in whole years, converted to months). So using the price for your car, determine the amount of your monthly payment based on the length of the loan, the total amount that you will pay for the car and the total amount of interest that you will have to pay.
After you have done this you must choose the payment plan that you believe would be best for you remembering you have other bills throughout the month to still pay for other than your car payments.
Car Insurance:
After you have done this we all know we cannot legally drive on the road without first having auto insurance. You will then go to an auto insurance website and obtain a free quote for how much you will pay for auto insurance. When you calculate auto insurance, you should use the age you will be at graduation (consider master's degree/bachelor's degree/associate's degree). Before you get a quote on Auto Insurance, you need to understand the terms associated with auto insurance. Watch the video below and then read the Auto Insurance Guide document to gain a better understanding. Take notes, as this may be a part of a quiz. (You do not need to complete the activity on the last page)
Use the following site to get severaal quotes at once. Make sure to edit the information on the left hand side of the quotes page to reflect your specific situation (age, gender, insurance preferences etc.)
https://www.nerdwallet.com/insurance/compare-car-insurance-rates/
When you get your rates using this site, on the top left click "view coverage details" to get information to complete the table in your project.
Auto Insurance Guide | |
File Size: | 142 kb |
File Type: |
Now, head to your project document to complete module 5.