First Time Auto Buyer Program with No Credit History – Guaranteeing Uncomplicated Car Buying
You will always remember your first car and that’s why; make sure that the process of buying your first car is pleasurable. It doesn't matter whether you are a first time car buyer or someone with more experience of auto buying. This is because car loans are common to one and all. Buying a car with cash is out of question because cars – used or new have become very expensive.
The prototypical first time car buyer usually has no credit score. He is making a credit purchase for the 1st time which means there is no credit history. But, don’t worry. This article will help you get the best interest rates on your maiden car loan.
How to score Better Rates on a First Time Auto Buyer Program with No Credit History?
Remember that the American auto financing industry is highly competitive. There is an auto loan for every situation and car buyers can get affordable financing programs easily. All you need to do is know where to search. There are many auto financing companies that provide auto loans to first time car buyers. When you fill in the application form, make sure that you choose a reliable lender. But, before filling the form, you must know the auto financing process. Just as a half-baked recipe spells disaster, insufficient knowledge can be extremely harmful. So, get ready to know how you can secure affordable first time auto buyer’s program with no credit history.
A Realistic Budget for a REALLY AFFORDABLE Loan
No interest rate will be high and unaffordable if you make a budget. Once you prepare a list of your monthly income and expenses, you can easily know whether a particular car loan quote will be affordable or not. Understand your financial constraints before saying yes to any lender. It will help you in making a better choice.
What Car suits you?
It’s not like yesteryears when you had just few options for buying a car. Today, there are abundant choices and it is better if you have a few favorites. Most cities charge for parking. Add insurance, cost of fuel, maintenance, etc. to the list of car-related expenses. So, make sure that you don’t buy anything unnecessary. Decide on your needs. If you will have to travel long distances every day, it’s better to go for a fuel-efficient car. If you are going to live in highly populated city like NYC, better to opt for a compact model that doesn’t take too much place. Also, understand your neighborhood because it will let you decide on the kind of safety equipments you want.
Do remember to check the manufacturer’s incentives for first time buyers. There are many companies who offer special discounts and cash back schemes. GM offers student-college discount to first time buyers. Ford also provides a financing option to young car buyers.
Check your Credit Score
Grades were important when you were in school. And, now it’s credit scores. It is essential because it will determine the approval of your loans. Even if you don’t have any credit history, it is always better to have your current credit score before applying for first time car loan. There are high changes that your department store credit card caused some positive effect on your credit score.
De-stress with Down Payment
If uncertainty over car loan approval is giving you unnecessary stress, down payment can help you. It is the time-honored solution to car loan ambiguity. When you make a down payment, lenders get a corroboration of your financial stability. This helps in getting quick approval.
Securing the Deal with a Co-Signer
Co-signing is a powerful antidote to your no credit problems. By getting a co-signer, you assure the lender of regular payments. This ensures that approval on your first time auto buyer’s program is in the near future.
Don’t have a co-signer? Don’t know how to manage money for making a down payment? Well, your problem can be solved with a proof of your income. When lenders know that you make steady dime, it will be a perfect solution for unavailability of a co-signer and down payment. So, make sure that you have income proof with you.
All these steps will ensure that you get an affordable first time auto buyer’s loan. Forget zero credit history because it won’t trouble you anymore and begin building your credit score.
Happy 1st Car Buying! All the Best!
:- Posted by Admin on 9th April, 2013