First time financing a car tips? : r/personalfinance - Reddit

We’re looking to buy a car by the end of the month. We will be financing. My boyfriend has a good job but he has low credit (one collection that he needs to take care of. That was his only line of …

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First Time Financing A Car, I Would Like Some Insight! - Reddit

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Young new car owner (23yo) looking for some insight on my first financing. For some background, I just bought a brand new 2023 EN, put down 16k down payment (~40% down) and financing …

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What Is A First-Time Car Buyer Program? - NerdWallet

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Jul 8, 2022 · A perk of some first-time car buyer programs is the availability of a rate adjustment after you’ve made on-time payments for a set period of time. For example, you could get a 1% …

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Tips For Buying/financing A Used Car? : R/personalfinance - Reddit

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Howdy, folks. I’m in the market for a $10k-$14k used car. My get-through-law-school car finally crapped out on me about 8 months too soon. In August 2021, I’ll be starting a job making …

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Tips For Financing/ Taking Out Loans For A Car? : R/askcarsales - Reddit

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Risk can be mitigated with cash down, and is usually required for people with no or bad credit. 80% loan to value has a lot less risk than 120% loan to value, so the best thing a first time …

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Best Financing Options For Buying A Car? : R/personalfinance - Reddit

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Be mindful a caveats to the loan, like model year and mileage restrictions, length, and most importantly Loan to Value ratio. The credit union may very well have a 2.49% rate for used …

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FAQs about First time financing a car tips? : r/personalfinance - Reddit Coupon?

How do you finance a car?

How to finance a car (the smart way!) Save serious money on auto financing by leveraging competing loan offers at the dealership, making at least a 20% down payment, and keeping the loan term as short as you can realistically manage. Oh, and — of course — don't buy more car than you can truly afford. ...

Can a first-time car buyer get a car loan?

They rely on your record of successfully repaying previous loans or credit cards. As a first-time car buyer, you may have a credit score — even a good one — but a short credit history with no prior auto loan, and limited time working, will prevent many lenders from approving a loan for your first car. ...

Can a first-time car buyer get a low interest rate?

As a first-time car buyer, you’re unlikely to get the lowest interest rates, but you can still shop around to improve your rate. If you belong to a credit union, that should be your first stop. After that, consider your bank or online auto lenders. And don’t accept financing at the dealership as your only option. ...

Does a first-time car buyer need a credit history?

Credit history. First-time car buyer programs not only accept a lack of credit history, but they may also require it. For example, to qualify as a first-time car buyer, you may be limited to a credit history of 12 months or less. ...

How can I improve my chances of getting a car loan?

To improve your chances of getting loan approval, there are steps you can take: Provide proof of a steady job and income. Save up and make a larger down payment on the car. Ask someone with good credit to be a co-signer or co-borrower on your loan. ...

Do first-time car buyers need a down payment?

First-time car buyer programs may require you to make a certain percentage of a down payment on your car. Even if it isn’t required, NerdWallet recommends making a down payment of at least 20% of a new car's purchase price and 10% for a used car. The less you have to finance, the lower your monthly payment and interest rate will be. ...