Auto Loans For First Time Buyers With Bad Or No Credit History To Finance The Car Of Their Dreams

April 22, 2013 - PRLog -- The young car buyers who are not experienced in the ways of the auto finance world may need to stick to the auto loans for first time buyers to play it safe. These car loans are customized for consumers still young enough who are not yet in any credit problems. It is commonly seen that the first timers are the auto buyers that have no clue how to proceed with getting approval for their vehicle finance. They may not know the benefits of getting the cash in to their accounts before approaching the car dealership to buy a vehicle. These car loans are just the thing they need for the auto finance they are looking for.  

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The first time buyer auto loans are common enough in the auto industry. Auto finance is a huge business which is ever growing. Banks, financial institutions, credit unions, private lenders, car dealerships, auto makers and hundreds of different online financial lenders offer a varied number of car loans. These car loans are specifically targeted for the car buyers who are yet to have their first experience at vehicle ownership.  The first time car buyers are prime candidates hopefully with very good credit. Most of the young first time car buyers only think about a car purchase when they think their income has become stable. Many of these have also managed to save up considerable amounts for the money down.

The auto loans for first time buyers may be employed with a stable income. But if they are not, they can have a cosigner with good credit scores and decent amounts of down payment. The car buyers with good credit, stable income and a money down payment get the best and the lowest interest rates available in the auto loan industry. The people who need a vehicle but have little of the above requirements may have to face higher interest rates and tougher terms. This may result in higher monthly car payment.

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The first time buyer auto loans are a great opportunity for the consumers to get into the act of creating and improving their credit history. The car purchase is the second only to the house purchase in size. It is equally less frequent than many other smaller purchases. The couples who have double income get the best offers. This is because the lenders perceive very little risk in a stable marriage where both the spouses are working.

The higher interest rates are for the car buyers with limited credit on the first time auto loan. Many first timers have no credit that they can rely on. Until they get an auto loan and make regular car payments their credit history is not going to show up on the credit reports. Lenders see this as an opportunity to charge more and make a tidy sum of profit out of first timers. Many first timers aim to be honest having bright ambitions to achieve something in life.