A first time buyer of a car will usually find it hard to obtain auto financing. This is because you don?t have a history of credit or perhaps you have limited credit. Obtaining an auto finance solution is a great way to build credit and at the same time, get your new car with competitive rates or manageable terms.
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Depending on the auto financing solution that you choose, you can enjoy loans amounting to $15,000 or higher, and with terms up to sixty months. It can be hard for a first time buyer to obtain a car loan on 100% of the retail price. In most cases, you may need to make a downpayment and the remaining amount can be covered by the loan. There are also times when the loan amount can include the license, sales tax, and warranty.
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Possible Qualifications
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The qualifications for a first time buyer may differ and this would depend greatly on the lender or loan broker. Here are some of the most common qualifications to obtain auto financing:
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- You must of legal age (18 years and older)
- Monthly payments on the loan should not exceed 20% of your income
- 10% minimum downpayment or higher
- Minimum of six months to a year of employment
- Don?t have derogatory credit records for those with limited credit
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Some lenders or banks might require additional qualifications, and you have to make sure that you?re able to pass them. Otherwise, it would be hard to secure the needed financing.
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For a student or newly employed individual, it is really challenging to get approved for auto financing. If you?ve been turned down before, perhaps it is time to get help from the experts. If you want to obtain an auto loan, you should visit tazloans.com especially if you want to get a vehicle under the following models ? Mitsubishi, Nissan, Acura, BMW, and Honda.
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According to experts, it is best to obtain a car that you can pay off in 48 months and make a 20% downpayment. If you don?t want to get into trouble, it is best to stick to these facts. If you can?t pay off the vehicle in four years, you can choose a less expensive vehicle. Keep in mind that owning a car also means additional cost on your part in terms of insurance, maintenance, loan payments, etc.
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As a responsible individual, you have to create a monthly budget that will work for you. For the next four years, you are going to be financially drained and one wrong move can greatly affect your credit standing. For a first time buyer, getting a brand new car is a dream-come true. Not many people want to purchase second-hand cars especially if you don?t know the seller.
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The Common Barriers for Not Getting Auto Financing
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The following are the common barriers that you will encounter when securing an auto loan:
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- Limited or lack of credit history
- For those who plan to purchase used cars, don?t pick one that is more than five years
- Costly insurance rates (commonly, you will spend more or less than $5,000
- Single males under 25 years are usually subject to higher insurance rates
- Driving issues especially among teens
- Incur more costs for getting a new car
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You have to deal with all these barriers if you want to successfully obtain and repay the auto loans. Auto financing is a great way to start building a good credit history. Make sure that you pay your dues on time, and in the near future, getting credit will no longer be hard.
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As a first time buyer, you will need to follow the rules of the lender or bank. Since you are a high risk borrower, the lender will strictly monitor if you are paying financial obligations on time. You?re lucky to have obtained auto financing, and you should not waste this chance by not paying monthly dues on time.
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Your auto loan may be approved if you?re able to meet the minimum criteria. Lenders and banks usually look for the following things before approving a loan:
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- Documented income that is higher than $1,600 a month
- Established residency (more than six months)
- Working in the same company or employer for the past six months or more
- For those with limited credit ? no black marks on the record
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Oftentimes, the rate of interest will depend on certain factors. With the help of tazloans.com, you may be able to obtain reasonable rates and terms for your auto financing.
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Younger individuals are more prone to road accidents. Once you have the car, be sure to drive carefully. Follow the guidelines on how to drive safely. It is never wrong to be careful on the road because you can?t tell when accidents can happen.
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Hurry and apply for your auto financing today!
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Source: http://seo.edu.rs/first-time-buyer/
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