This article is for frequently asked questions regarding the Cars and Car Loans within the Personal Finance Simulation.
*Please keep in mind that this feature needs to be enabled before students can view and purchase vehicles.*
How do I enable car purchases for my class?
Go to Courses → Select the Pencil icon next to the course.
Next, you will check the box for the Car Dealership and select Update.
How do students purchase a car?
Students will go to Major Purchases → Car Dealership→ Here they can select the Shopping Cart of the car they would like to purchase.
Once they select the Shopping Cart, they can go over the interest rates, terms(years), and down payment. The system will automatically approve their loan if eligible.
If their loan is approved, it will give them a message that it was approved and successful.
What is the interest rate on car loans based on?
This is directly related to their credit score. We have more information listed on these scores and percentages listed here: Personal Finance Simulation | Interest Rates and Credits scores for Loans
How do you remove a vehicle purchase from a student’s account?
Go to “Class Culture” → Car Dealership” and click on the “Delete” button located next to the car in question.
Once you click that button, you will have a choice to remove the owner. That way you can remove that user’s ownership from the car and the down payment should be refunded to the user’s checking account.