Are You a New Driver? Apply for One of the First Time Buyer Auto Loans
If you are a new driver, then congratulations! You are now one of the millions of
Americans given the privilege to operate a motor vehicle on the roadways of America. Now that you have your driver's license, one of your first goals may be to buy a car. If so, then you should definitely apply for one of the many first time buyer auto loans that are available.Before you start looking for one of the first time buyer auto loans you should decide whether you will buy a used car or a new car. If you are young and do not have a lot of money, the answer is obvious a used car is probably all you can afford. If you are more established financially however, you can opt to buy a new vehicle. Make sure to consider maintenance and repairs when deciding between used and new. New cars come with warranties which often cover maintenance and repairs but most used cars do not.
There are many lenders in operation that offer first time buyer auto loans. You can locate these lenders by conducting a rather straight-forward search online. If you do not yet have anything on your credit history you may find that many lenders are hesitant to offer you one of the first time buyer auto loans. If this is the case then you may have to consider asking someone close to you to be your co-signer. Having a co-signer makes you less of a risk in the eyes of the lenders which means that you will probably be approved. The co-signer you choose must have good credit and must agree to make your car payments if you fail to do so.
If your credit score is 0 and you cannot find a co-signer, you may still be able to locate a lender who will offer you one of the first time buyer auto loans. You will be expected to put down at least 15% toward the value of the car, plus the interest rates you will pay are going to be high, but if you are in desperate need of a car and have no where else to turn you may not have much choice. The bright side of this scenario is that if you make good on one of the first time buyer auto loans by making all of your payments on time for the term of the loan, you will have established a good line of credit for yourself. This means that you will have a much easier time obtaining a loan for the next car you buy, as long as you pay all of your bills and credit card balances on time.
First time buyer auto loans are widely available in the United States. The lenders offering these loans can be located online and once you apply for a loan on the web you can expect to receive an answer regarding your approval status within just a couple of hours. Owning your own car is a privilege so be sure to follow the rules of the road so that you do not become involved in any accidents.
Are You a New Driver? Apply for One of the First Time Buyer Auto Loans
By: Jason Deberry