Are you in the market for a new car? Are you having troubles deciding what kind of car to buy or what dealer to buy it from? Having worked in the auto sales industry for many years, I have a ton of information on my blog that can assist you in making all of these important and stressful decisions. Visit my blog to learn how to determine what car is the perfect car for you, how to decide what dealership to purchase it through, and even a few tips on getting the best possible financing rates and options for the car that you choose.
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When you buy a car for the first time, you may not have the money you need upfront to get behind the wheel of your dream car. This doesn't mean you are limited to only picking out cheaper varieties, but it does mean you need to start thinking about financing. A large issue you may find when getting auto financing is that you have too little or no credit to work with. While this can make getting financed more difficult, you still have options. Discover some of them here, so you can be prepared as you shop for your first car.
"Buy here, pay here"
Most car dealerships finance their vehicles through banks and lenders they work with. This means you have to be approved through these financial institutions for financing prior to your car purchase agreement. Many lenders are dubious about buyers with so little credit to their name, because they don't have a history of responsible payments or credit use yet, so you might get turned down.
"Buy here, pay here" car dealerships do in-house financing. This means they choose to finance you on their own. You aren't limited to the requirements of a third party lender. A dealership may require that you pay a large percentage down on your new car and/or pay an unattractive interest rate since they are taking on the liability that you present as a first-time car buyer. The benefit to "buy here, pay here" dealerships is that you begin to build credit with your purchase and still get to buy a car entirely on your own.
Co-signer
Many people who are new to credit and car purchasing choose to have a co-signer on their vehicle purchase. A co-signer is someone who has good or excellent credit and puts their name on a vehicle purchase along with the main buyer. The co-signer puts themselves in a position to be responsible for payments should the other buyer fail to make them. If you have family members or friends who are willing to co-sign on your vehicle purchase you will find yourself able to look at cars in a variety of price ranges and have access to third party lenders. Just remember - you still have to make your regular payments or else your co-signer's credit is in danger along with yours.
Buying your first car is a financial adventure that teaches you fiscal responsibility right away. Shop smart by only choosing a car within your budget and by exploring the best financing options available to you. Compare in-house financing and what a co-signer can allow you so you make the best decision for your finances when buying a new car.
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