Questions about a car loan?

Question

What is a first time buyer car loan? is it likely that I'll be approved with no co-signer?

Answer 1

First time buyer credit programs are great schemes to get young people into the dealership. To qualify you usually need some good credit history, or a recent college degree and be working in your field of study, a member of the military with considerable time remaining on your enlistment, or a major down payment. But what the dealer/lender is primarily looking for is a good co signer.

Answer 2

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Answer 3

Getting a loan for the first time, without an established credit history, is really tough. If you find one, it will be at a very high interest rate and will require a large down payment. It's always best to get a co-signer. If you make all your payments on time and don't default on the loan, you are well on your way to establishing your own credit history for the next time you need a loan.

Answer 4

You will have got to post a declare on your vehicle coverage manufacturer. If you had a mortgage at the auto I realize you must have collision insurance plan. What will occur is the coverage can pay you an quantity of what they suppose the auto is valued at. Then should you agree at the quantity they are going to ship you a few records, and a assess. You will must signal the records and ship the ones again. The assess will likely be for your title and alos the financial institution's title. What you're going to do from there's take the assess to the financial institution, and if there's an quantity left over then you're going to get the reminding quantity. See if in case you have GAP coverage. If you've gotten that, and the coverage manufacturer handiest can pay you prefer a million,000, then GAP coverage can pay for the leisure. Now do not suppose that the under the influence of alcohol motive force is getting away with homicide, on account that he ain't. Your coverage manufacturer will cross after him for the volume that they paid. Now you'll continuously cross after him in small claims court docket. If he does not have the cash, then his wages will likely be most commonly be garnished. If I had been you I might touch your coverage manufacturer or a attorney, and spot what they suppose. I realize that with a few legal professionals the primary quarter-hour are unfastened. I desire that I used to be a few aid to you, and I am sorry for what occurred to you. Some folks simply do not suppose earlier than they do.

Answer 5

Impossible to answer without knowing your specific information. If you have a stable job history, haven't moved frequently, and have a decent credit report, that, coupled with a good down payment *may* get you a secured vehicle loan without a co-signer. Only your lender can answer with certainty of course.

Answer 6

As long as you don't have bad credit, yes. They usually finance people with no credit for cars nowdays. Just be careful that you get a short-term loan (4 years or less) or you will end up paying far more than the car is worth because you're going to be paying high interest. I suggest getting the cheapest new car that you can and driving the wheels off of it...or at least keeping it until it's paid off.

Answer 7

Some brands or dealerships offer special financing deals to first time buyers to attract new customers to their dealerships. Dealers know that they often sell two or more cars to one buyer. Repeat business is very important. So bringing in younger people is clutch. These are similar to college grad programs. Sometimes they offer lower interest rates. Sometimes they give a free payment. Either way, you will still need good credit to enroll.

Answer 8

There are some captive finance companies;ie, Ford Motor Credit, Chrysler Financial that offer 1st time buyer programs, but you have to qualify. Such as job time, minimum income requirment and number of trade lines. I agree with one of the other answers to a point. You need to start off with a less expensive car say $12-15,000, but you do need to budget it accordingly so it is affordable. Good luck!