First impressions last forever and so, does the memory of your first car! There is nothing like owning the beauty-on-wheels. The feel of the steering wheel is exhilarating. The adrenaline rush is simply immense. So, get excited for your first car and start working towards buying an affordable car loan.
Used Car - The Best option for a Young 1st Time Auto Buyer
Used cars cost less than new cars. This means your first car loan will be affordable and within your reach. This is important for building a good credit history. You are building your career and bad credit may ruin your chances of getting low rates on your car loans or any other loans. So, it is better to start small and then, go for the kill.
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You are still learning to use a car. It's better if you practice on a used one and then, buy a car of your dreams.
Why understanding the Used Car Loan Process is so important for a 1st time Auto buyer?
Look before you leap! We have learnt this in school and it's useful even now. You will enjoy your first car even more when you know that you have landed a great auto loan deal. And, you can only get great deal when you know the entire process of scoring a used car loan.
Without knowledge, there are chances that you will blow a couple of thousands and end up choosing a wrong car loan for your used car. You could end up damaging your credit score without even building it.
Step-by-Step Explanation for Securing a Used Car Loan
Know Yourself
By knowing yourself, I mean know your financials and your credit score.
You must know your financial situation and also understand the constraints. There is a limit of spending and it's different for everyone. What's yours? How much money can you spend on payments? Is buying a car the right decision?
Also, check your credit score. There are chances that few of your past transactions have altered your credit score. You must know your accurate credit score so that no lender/dealer cheats you.
Dealer or Private Party? - That's the Question!
Used cars can be bought from a dealer or a private party. Each option has its pros and cons. You can get more options at the dealer but, you have to tolerate marketing tactics. With a private party, you get first-hand information, but you have to run for completing the paper work. So, take time to decide.
Push yourself and get ready with Paperwork
We all agree that paperwork is the necessary evil. It's very boring and yet, it needs to be done. If you have ready documents, lenders will not have any point to delay the process of approving your used car loan.
Keep with you -
• Your ID and SSN
• Credit Score and Credit Report
• Bank Statements
• Income & Employment Proof
• Residential Details and Information related to Payment of Utility Bills
• Used Car Details, if you have already chosen a car.
Searching a Lender that offers Used Car Loans to a First Time Auto Buyer
There is a stiff competition in the auto financing world and you can benefit from it. It's your turn to pick a lender and not the other way round. So, first of all make an online search of lenders that offer used car loans as well as first time auto buyer's program. Also, check for no credit auto loans because most 1st time car buyers have no credit history.
Once you have a list of lenders and online auto financing companies, choose the reliable ones. Also, go for 100% secure websites only. Apply on the best ones and compare the auto loan quotes offered to you. Comparison should not only be on interest rates. You must consider loan terms, conditions, APR, penalty clause, payment schedules, etc.
Quick Tips for Getting Approval on your Used Car Loan
Start saving money for down payment because it can drastically increase your chances of approval. Also, convince someone with a good credit score to become your co-signer. Most first car loans require a co-signer. It is necessary because lenders have no way of judging your financial capacity.
That's how you get a better deal on a used car loan. Information mentioned in this article will ensure that you start right on the path of establishing your credit history. Remember the tips because knowledge of the car financing process will set you apart from amateur car buyers.
All the best for your 1st car!
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