Assignment:
Description and Scope
My current car is constantly breaking down and is not worth putting more money into it. It is time to invest into a new car. Buying a new car will eliminate constantly having my current car at the mechanics. This car will have updated technology and better gas mileage. I do a lot of traveling so these features are important. A new warranty will be establish so if anything does happen, it will be fix without me having to pay for so many years. Investing in a new car is worth the time and effort. It will last for years to come. Save money in gas and have better safety features.
• Approach
I have chosen a car.
Vehicle #1 Make & model : Nissan Altima 2.5
Year : 2017
Price of vehicle : $22,500
Tax : $950.63
total vehicle cost : $23,450.63
Down payment (%) : 10%
Down payment ($) : $2,345.06
Total amount to be financed:$23,682.94
APR : 3%
Interest to be paid: $2,578
Length of loan : 7 years
Monthly car payment: $310
By purchasing a new car I will have a reliable source of transportation to and from work and other destinations.
Some obstacles are that I could possibly not get approved for the loan that I need based on my income and credit score. I may not be able to pay my mostly payments and have to give back the car.
• Resources
I will need a dealership to purchase the car from. A credit union is needed to have my loan through. Good and established credit is key which pursing a car loan. I am the Sponsor since I will be purchasing the car.
It will take two months to find the car at the price I want. Then I will run a search online for credit unions with the best APR. Once I have chosen the car I want the dealership run my credit score through the credit union to determine if I am eligible to take out a loan with them. I see this whole process taking about three months.