Question

What will most likely happen if Tony continues to make late payments? Check all that apply.

The bank might take his car.
The bank will charge late fees.
His credit history might be damaged.
He might be charged a down payment.
He might have to add an asset to the loan.

Answer 1

the answers are option 1,2,3

option one is correct because if people do not make their payments on time then the banks will seize that item.

option two is correct because banks issue late fees when payment is missed.

option three is also correct because your credit history is based on if you pay bills on time.

option four is not correct because down payments are the payments you make before receiving he car.

option five is not correct because a bank will never ask you to add assets,

Answer 2

The consequence of making a late payment on his car loan may result to:

• the bank might take his car
• the bank charge late fees
• credit history getting damaged

What are car loans?

Its means a secured loan against the vehicle one want to purchase which will serves as collateral for the loan.

Hence, if he continue to fail to make early repayment for the car loans, then, the bank might take his car, the bank may charge late fees and his credit history may get damaged.

Therefore, the Option A, C and D is correct.

Read more about car loan

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