Are you thinking of purchasing a new car? Being
students, most of the people either have bad credit record or no credit record
and therefore they mostly find it really difficult to qualify for the car loans
with the conventional lenders. This is the place where the first
time buyer auto loan comes handy.
The first time car buyer programs are
specifically designed for the people, who either have no credit record or bad
credit record or are planning to embark on the purchase of their first vehicle.
This loan comes with an amazingly low rate and manageable terms, which are
considered to be better ways to establish the credit score while helping the
car buyers in getting in the cars that they can finally car their own cars. But
one must apply for any low limit credit card several months before opting for this
loan.
It is really important to plan properly before
investing in the first car. Keeping this thing in consideration, the lenders
offering first time buyer auto loan program often offer complete guidelines on
the online resources and vehicle searches. Besides, the friendly professionals
of these companies are well experienced in offering this type of loan and
therefore they can completely guide the first time car buyers through different
types of auto purchasing conditions.
So, if you need
a car loan with bad credit for
the first time, then here are the guidelines that you have to follow:
- You have
to be above 18 years of age and should also be able to repay the loan
- You must
not have more than 12 months of auto repayment history that would be
reflected on your credit score as well as no derogatory credit should be
present
- You must
have a qualified co-signer or you must be employed for at least 1 year
- You
should have the minimum gross monthly income that matches with the
requirement of the lender
- Your
monthly payments, including the insurance premium should not exceed 20% of
the gross income
- You should have the proof of insurance
To get more information on pre approval
for auto loan, consider visiting Autoloanbadcredittoday.com
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