Personal and Automobile Loan Information for Teens, 1st Ed.

Description

Consumer finance information for teens about loan options available for teens and talks extensively about the procedures and risks involved in personal and automobile loans.

Sujets

• Financial plan
• Young Adult Nonfiction
• Personal Finance

Informations

• Publié par: Infobase Publishing
• Date de parution: 01 mars 2020
• Nombre de lectures: 0
• EAN13: 9780780817890
• Langue: English

Extrait

Teen Finance Series
PERSONAL AND AUTOMOBILE LOAN INFORMATION FOR TEENS FIRST EDITION
Teen Finance Series
 
PERSONAL AND AUTOMOBILE LOAN INFORMATION FOR TEENS FIRST EDITION
 
 
Basic Financial Information for Teens Seeking Personal and Automobile Loans
 
 
Including Facts about Loan Options, Credit Score, Debt Management, and Identity Theft, along with Information about Buying or Renting a Car, Vehicle Repossession, Auto Warranties, Maintenance, Insurance, and Legal Rights of Consumers
 
 
 
 

615 Griswold St., Ste. 520
Detroit, MI 48226
Bibliographic Note
Because this page cannot legibly accommodate all the copyright notices, the Bibliographic Note portion of the Preface constitutes an extension of the copyright notice.
 
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OMNIGRAPHICS
Angela L. Williams, Managing Editor
 
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Copyright © 2020 Omnigraphics
ISBN 978-0-7808-1788-3
E-ISBN 978-0-7808-1789-0
 
 

Library of Congress Cataloging-in-Publication Data
Names: Williams, Angela, 1963- editor.
Title: Personal and automobile loan information for teens / edited by Angela L. Williams.
Description: First Edition. | Detroit: Omnigraphics, Inc., 2020. | Series: Teen finance series | Includes index. | Audience: Ages 13 | Audience: Grades 7-9 | Summary: ““Provides basic financial information for teens about loans and credits including procedures and risks involved in availing personal and automobile loans, building credit score, managing debts, along with facts about financial scams and consumer rights. Includes index and other resources for teens seeking financial assistance.””-- Provided by publisher.
Identifiers: LCCN 2019055831 (print) | LCCN 2019055832 (ebook) | ISBN 9780780817883 (library binding) | ISBN 9780780817890 (ebook)
Subjects: LCSH: Teenagers--Finance, Personal--Juvenile literature. | Bank loans--Juvenile literature. | Automobile industry and trade--Finance--Juvenile literature. | Finance charges--Juvenile literature.
Classification: LCC HG179 .P36847 2020 (print) | LCC HG179 (ebook) | DDC 332.7/43--dc23
LC record available at https://lccn.loc.gov/2019055831
LC ebook record available at https://lccn.loc.gov/2019055832
 
 
Electronic or mechanical reproduction, including photography, recording, or any other information storage and retrieval system for the purpose of resale is strictly prohibited without permission in writing from the publisher.
The information in this publication was compiled from the sources cited and from other sources considered reliable. While every possible effort has been made to ensure reliability, the publisher will not assume liability for damages caused by inaccuracies in the data, and makes no warranty, express or implied, on the accuracy of the information contained herein.

This book is printed on acid-free paper meeting the ANSI Z39.48 Standard. The infinity symbol that appears above indicates that the paper in this book meets that standard.
 
Printed in the United States
TABLE OF CONTENTS
Preface
Part 1 | Understanding Personal Loans and Credit
Chapter 1—Types of Loans
Chapter 2—Loan Options for People under
Chapter 3—Basic Facts about Banks and Banking
Chapter 4—What Is Credit Scoring?
Chapter 5—A Credit Report
Chapter 6—Disputing Errors on Credit Reports
Chapter 7—Credit Issues and What You Can Do to Fix Them
Chapter 8—Understanding Debt
Chapter 9—Seeking Credit Counseling
Chapter 10—Credit Repair
Chapter 11—A Credit-Repair Scam
Chapter 12—How to Rebuild Your Credit
Chapter 13—Debt-Relief Options
Chapter 14—How to Prepare a Loan Proposal
Chapter 15—Why You Might Need a Cosigner in Order to Get Vehicle Financing
Chapter 16—If You Are a Cosigner
Chapter 17—Beware of Identity Theft
Chapter 18—Federal Law on Identity Theft for Minors under
Part 2 | What a Teen Needs to Know before Buying Their First Car
Chapter 19—Consider Renting a Car
Chapter 20—Is It Better to Lease or Buy a Car?
Chapter 21—Researching Your New Car
Chapter 22—Deciding How Much You Can Afford to Borrow for an Auto Loan
Chapter 23—Plan to Shop for Your Auto Loan
Chapter 24—Guidelines for Getting an Auto Loan
Chapter 25—Explore Loan Choices
Chapter 26—Six Sure Signs of an Advance-Fee Loan Scam
Chapter 27—How to Get a Good Deal on Auto Loans
Chapter 28—Know What Is Negotiable
Chapter 29—Understand How to Close the Deal
Chapter 30—Choosing between Dealer-Arranged and Bank Financing
Chapter 31—Common Auto Loan Issues
Chapter 32—Beware of Online Vehicle Sale Fraud
Chapter 33—Protect Yourself from Deceptive Auto Scams
Part 3 | Add-On Expenses: Car Maintenance and Insurance
Chapter 34—Saving Money on Gas
Chapter 35—Paying a Premium for High-Octane Gasoline?
Chapter 36—Auto Repair Basics
Chapter 37—Auto Warranties, Routine Maintenance, and Service Contracts
Chapter 38—Automobile, GAP, and Credit Insurance
Chapter 39—Getting a Good Deal When Buying a Used Car
Chapter 40—Warranties and Service Contracts for Used Cars
Chapter 41—Do Not Get Swamped Buying a Flood-Damaged Car
Part 4 | Your Legal Rights as a Consumer
Chapter 42—Credit and Your Consumer Rights
Chapter 43—Your Equal Credit Opportunity Rights
Chapter 44—Automobile Loans and Your Rights FAQs
Chapter 45—Understanding Auto Trade-Ins and Negative Equity
Chapter 46—Coping with Debt
Chapter 47—Debt Collection FAQs
Chapter 48—Prepayment Penalty
Chapter 49—Vehicle Repossession
Chapter 50—Filing Car Complaints
Chapter 51—National Motor Vehicle Title Information System
Chapter 52—Automobile Loan Modification Scams
Chapter 53—Things You Can Do to Avoid Fraud
Chapter 54—Bankruptcy: A Last Resort
Part 5 | If You Need More Help or Information
Chapter 55—Loans—Key Terms
Chapter 56—Online Money-Management Tools
Chapter 57—Resources for Information on Personal and Automobile Loans
Index
PREFACE
About This Book
Today’s teens face economic challenges unlike previous generations as they transition to managing their own money. This book provides teens with the information they need to gain the basic financial literacy necessary to efficiently manage their earnings, savings, and loans. Loans can be of great help when one runs out of the money needed to meet your needs or make large purchases. There are many types of loans, such as automobile loans, home loans, personal loans, student loans, and so on. A clear understanding of how loans and credit work can help teens avoid financial pitfalls and build economic stability.
Personal and Automobile Loan Information for Teens, First Edition provides teens with the financial literacy they need to navigate loans and credit. It provides basic information about various loan options available for teens and talks extensively about the procedures and risks involved in taking out personal and automobile loans. It highlights the importance of credit scoring and gives insight into how teens can build their credit while avoiding common financial pitfalls. It discusses various considerations to be taken into account before buying, renting, or leasing a car and provides information about car repair, warranties, and insurance. The legal rights of consumers are explained in detail along with tips for avoiding loan scams and identity theft. It also includes additional resources for teens seeking personal and automobile loans.
How to Use This Book
This book is divided into parts and chapters. Parts focus on broad areas of interest; chapters are devoted to single topics within a part.
Part 1: Understanding Personal Loans and Credit provides information about various loan options available for teens. It highlights the importance of credit scoring and explains how teens can build their credit while avoiding common financial pitfalls. It also offers tips for avoiding credit repair scams and identity theft.
Part 2: What a Teen Needs to Know before Buying Their First Car gives insight into the ways teens can plan their finance when buying a car. It discusses various things to be taken into account before buying, renting, or leasing a car. It also explains how to avail an auto loan and describes various loan choices.
Part 3: Add-On Expenses: Car Maintenance And Insurance tells how to plan for the additional expenses of a car, such as gasoline and repairs, warranties and service contracts, insurance, and so on. It also explains how to get a good deal when buying a used car.
Part 4: Your Legal Rights As a Consumer gives information about various consumer rights and explains how consumers can protect themselves from various issues that may arise while pursuing a loan. Facts about negative automobile equity and prepayment penalty are provided, along with a brief description about bankruptcy.
Part 5: If You Need More Information provides key financial terms with their definitions, along with directories of resources that can help people seeking loans and credits.
Bibliographic Note
This volume contains documents and excerpts from publications issued by the following U.S. government agencies: Consumer Financial Protection Bureau (CFPB); Federal Bureau of Investigation (FBI); Federal Deposit Insurance Corporation (FDIC); Federal Trade Commission (FTC); National Credit Union Administration (NCUA); National Motor Vehicle Title Information System (NMVTIS); U.S. Courts; and USA.gov.
It may also contain original material produced by Omnigraphics and reviewed by professional consultants.
The photograph on the front cover is © Shutterstock.
Part 1 | Understanding Personal Loans and Credit

Chapter 1
Types of Loans
About This Chapter: This chapter includes text excerpted from “Personal Loans: Secured versus Unsecured,” MyCreditUnion.gov, National Credit Union Administration (NCUA), June 23, 2018.
Loans provide you with money you might not currently have for making large purchases and lets you pay back the money over a stated period of time. Many loan types, such as home loans, car loans, and student loans, are avai