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Car buying is an exhilarating experience. Let me first congratulate you on your decision of buying a new car. To buy a perfect car, you need to know everything about auto industry. Let’s begin to unravel the auto secrets.
New or Old - What’s Your Pick?
A new car will be low maintenance. Its resale value will also be high. The only catch is you will have to spend more. If you are buying a used car, don’t worry about buying a lemon. Get the car’s VIN and know all about its history.
Car buying is an exhilarating experience. Let me first congratulate you on your decision of buying a new car. To buy a perfect car, you need to know everything about auto industry. Let’s begin to unravel the auto secrets. New or used - in the end are cars. So, consider your situation and take the decision.
Dealer, Private Party or Online - The Choice Is Yours
When it comes to buying a car, you have options at each and every step.
If you buy from a dealer, you will get large number of cars at one place. They offer special dealer incentives in addition to the manufacturers’ rebate. You also have the opportunity of availing finance from the dealer.
Private party is another option for you. You can also use internet for searching cars.
It is better to get an auto loan for your car because a loan will help you build your score. Getting the best auto loan is all about getting the best interest rate. Your interest rate will be dependent on factors like your credit score, income, employment details, residential details, down payment amount, etc.
If you had taken a loan before and made the payments on time, your credit score will be high. But, several first time buyers are students who mostly have no credit history. So, it is necessary that you get zero credit auto loans.
If you have a bad credit score, it can be tackled. A sub-prime lender can help you with bad credit score.
Income And Employment
Every lender has a different minimum income requirement. It ranges from $1000-$2000. Your employment status can be proved with your recent pay stubs. A self–employed contractor can make use of tax returns for the same purpose.
A constant place of residence ensures the lender of your stability. Generally, you must be living for at least six months at your current residence.
A down payment will reduce your loan amount. So if you can put down money, it is always good.
But, it is not always easy to come up with a huge amount. If you cannot afford it, then don’t forget to opt for no money down auto loans.
Will A Co-Signer Help?
Co-signers are generally necessary for a bad credit or no credit auto loan and can improve your approval chances. If you cannot get a co-signer, avail no co-signer auto loans.
After you decide on the co-signer, you just have to apply for auto loans. Nowadays, lenders offer fast approval so you may soon get to flaunt your car.
I hope this article provided a wide perspective on the entire car buying process. Now, don’t worry about those anxiety butterflies in your stomach. Be confident and buy your very first car.
All the best!
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