PRLog - Feb. 15, 2013 - NEWARK, N.J. -- If you are on the lookout for a first time buyer car program then you need to know that not many lenders could be willing to approve your application if you have bad or no credit and no cosigner to back your loan. But if you have good credit rating, you may not need a cosigner for getting your first time auto loan approved as most of the loan dealers will not hesitate in approving your request. Typically, car loan dealerships demand cosigners from probable applicants, who have poor credit, to ensure that they are able to recover their dues in the event of a monthly payment default. Nevertheless, if you have bad or credit rating, by qualifying for an auto financing loan, you have the opportunity to build your credits much quicker. Besides, the eligibility guidelines to qualify for such loans might not be that stringent.
First Time Buyer Car Program
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Many car makers provide first time buyer car program with highly lenient requirements. While these plans are offered to new car buyers, even private lenders that specialize in providing such loans have relaxed their conditions and most of them do not require borrowers to get cosigners despite their having bad credit. In fact, some car manufacturers like Volkswagen have even launched special programs for assisting young borrowers, who have got 6 months for completing their college graduation, for financing new cars manufactured by the company. Applicants just need to provide proof of having been selected for a full-time job or a letter from some employer committing the same. While a down payment could be demanded in case your credit score is not that desirable, one may also determine eligibility to receive various discounts being offered.
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Therefore, before you start researching your options on various first time buyer car program, it could be better if you started saving some money for a sizable down payment. Such a proposition could enable you to find the best and the lowest interest rate for your specific financial and credit situation. In any case, you need to have detailed information regarding the type of interest rates being offered on first time car loans currently and the best way to achieve this is to seek help from some specialist automotive finance service. On the internet, you may find firms which teach people how to secure low rate auto loans despite being first time buyers with bad or no credit histories. You only need to locate a service provider that is totally reliable and reputable in the market. Reputed firms may even offer free credit restoration advice.