Personal and Automobile Loan Information for Teens, 2nd Ed.

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, Second Edition provides teens with the financial literacy they need to manage their personal finances and navigate loans and credit. It highlights the importance of credit scoring and gives insight into how teens can build their credit while avoiding common financial pitfalls. It gives a general overview of the several loan options available to teenagers and goes into great detail regarding the procedures of obtaining personal and auto loans. 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.

Part 1: Understanding Personal Finance provides information on growing money and preparing teenagers to manage their finances. It also covers the basics of banking and regulations.

Part 2: Understanding Credit highlights the importance of credit scoring and explains how teens can build their credit while avoiding common financial pitfalls. It provides information about various loan options available for teens and offers tips to prepare a loan proposal.

Part 3: Personal Loan provides overview of personal loans and discusses the differences between secured and unsecured loans. Types of personal loans such as personal installment loans, payday loans, and car title loans are explained in detail.

Part 4: Navigating Your First Car Purchase as a Teen 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.

Part 5: Automobile Loans explains how to avail an auto loan and describes various loan choices. It also discusses multiple frauds and warning flags in automobile financing.

Part 6: Additional Car Expenses: Maintenance and Insurance tells how to plan for the additional expenses of a car, such repairs, warranties and service contracts, insurance, and so on.

Part 7: Credit Repair and Loan Repayment provides steps to fix and rebuild the credit score. It explains how to cope with the debt and offers information about debt-relief options.

Part 8: 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 9: 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.