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In real life, few people save up enough cash to buy a new car outright.
Instead, they borrow money from a lender by taking out a loan.
Or, they buy a car on credit and agree to pay for it over time.
The same thing happens in Whyville. Scions cost more than many Whyvillians can afford.
Whyville Scion Solutions, sponsored by Toyota Financial Services, is here to loan you clams to
help you buy a Scion in Whyville.
A loan usually requires you to pay interest on the amount you borrow.
So, if you borrow $ 5,000, you might have to
pay back $5,400. The extra $400 is called the interest on the principal.
A lender will loan you enough money to buy a car as long
as the lender thinks you can be trusted to pay back the loan.
If you don't pay back your loan, that's called defaulting on your loan,
and the lender will take back your car and leave you to bike or hike or ride the bus around town.
If you get a loan, you'll be expected to pay a certain number of clams every
week until the loan is paid off. If you
don't pay promptly, your car will be taken away from you.
In real life, if you want a loan, the first thing a lender will determine is your FICO®
score, which is a kind of credit score. It's a number between 300 and 850. The higher the number,
the more likely the lender is to trust you to pay off your loan.
So, if your score is high, the lender will be more likely to give you a loan, lend you more money, and
give you a lower interest rate.
In Whyville, Whyville Scion Solutions also uses a credit score, called a WhyCo Score.
Visit the Scion Configurator
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