What to Expect from First Time Car Buyer Loans in Washington

First Time Car Buyer Loans

If you are a first time car buyer loans may be something you are unfamiliar with. There are a number of options available to consumers today that enable first time buyers get car loans guaranteed to help them purchase the vehicle they want or need.

However, but the choices, terms, and conditions can often be very confusing. In order to obtain the best possible first time car buyer loans, you may wish to do some research and comparison shop before making your decision.

What Options are Available to First Time Car Buyers

Consumers who want to obtain auto loan financing for the first time have a variety of options available to them. It is important to remember, however, that not all lenders are created equally, and the credit terms and interest rates offered can vary significantly.

While one lender may be able to guarantee financing, their loan terms may be completely unreachable, outrageous or just plain unacceptable. Some local used car lots require large down payments, but offer lower interest rates or extended loan terms, while others may require little to no money down, but jack up their interest rates to compensate.

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If you are looking for manageable monthly payments you should consider applying for an 84 month auto loan term to help expand your payments today.

Loans can typically be obtained through the following sources

  • Dealer Assisted Financing - This type of financing is obtained with the assistance of a dealership's finance department. First time buyers should typically expect to pay higher interest rates or large down payments with these types of loans.
  • In House Financing - With this type of financing, dealerships provide funding and payments are made directly to the dealership. While some dealerships offer low down payments, their interest rates are typically higher and loan terms are frequently shorter. In addition, some dealerships who offer in house financing charge large down payments or co-signers.
  • Local Lenders - These lenders include such things as local banks, credit unions, and finance companies. Although this can be a wise choice for seasoned consumers, it is often much more difficult to obtain approvals if you have little credit history or blemishes on your credit.
  • Online Financing - Online financing often offers a number of loan options to qualified buyers. In most cases, first time buyers are able to obtain affordable financing by using online financing. The advantage to these auto finance companies is that you can fill out their finance application right on their website at your own convenience.

Most lenders require that borrowers are at least 18 years of age, have proof of Sufficient income and acceptable job history. Since each lender is different, the requirements may vary significantly between lenders.

Get pre-approved for an auto loan online

Here at Doug's Credit Center, you can get pre-approved for an auto loan and our financing requirements are quite simple.

  1. Working same job for over 1 year
  2. Earn at least $1,500/mo. gross income
  3. Be a U.S Citizen
  4. You can even have a bankruptcy in your past.

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