Welcome to the "Car Loans" lab, designed to provide students with a comprehensive understanding of the car buying process and the financial aspects of securing a car loan. The lab uses interactive activities and resources to engage students and equip them with practical knowledge about car loans and personal finance.
The topics covered include:
Introduction to car loan
Loan basics such as principal, interest, and loan term
APR and worksheets to show how APR is affected by different factors
Types of car loans
Lease vs loan and interactive activities to show the difference.
Interactive worksheets to calculate the monthly payments
Interactive amortization schedule activity
Affordability and budgeting when buying a car
Common pitfalls when buying a car
Wants and needs in vehicle selection
The lab also includes many research activities such as comparing two cars the students like, writing activities such as writing a letter to a friend talking about the things to take care of when buying a car etc.