Planning to buy your first car? Then be ready to get bundles of happiness along with surprises from the auto financing companies about your vehicle loan. Starting from the loan processing fees, interest rate till repayment terms the lending agency can make your overbuy your car loan in some way or the other. To prevent you from overbuying your first car loan, first time car buyers programs are available.
This is a special car loan type offered by the auto financing companies to the customers buying car for the first time. All banks, credit unions, auto financing companies and even dealerships offer first time car buyers loans program. The notable highlight of this loan include manageable terms, easy repayment options, loans for people with no credit history, low rates and more. Buying this loan is a great way to establish your credit history with higher scores if you are student.
Eligibility for First Time Car Buyers Programs
To become qualified for the first time car buyer loans with your auto financing company you must be above 18 years of age. Holding a valid driving license from your state government is also important to get this loan. The notable qualification criteria are:
- The loan applicant should be an earning person with a minimum monthly salary of at least $1000.
- The loan applicant for the first time car loan should be at least employed for a year without any work term interruption.
- Should hold a bank account with an authorized bank so that the transaction statements can be submitted as proof.
- The loan seeker must agree to make a monthly loan repayment which should not exceed 20% of their gross monthly income.
- The auto insurance proof documents are required to get the first time car loan buyers program.
- The buyer can choose a repayment term which can be anything between 12 months and 72 months.
- Getting a qualified co-signer is a must to buy this special first time car buyers program.
Many auto financing companies offer the first time car buyers programs and loans online. At the official website of the company one can find all relevant information pertaining to this type of loan with online loan application. These companies also provide valid vehicle searches and loan quotes comparison services online. This service will help you choose a better loan policy for the vehicle model you choose. The online professionals will further answer your questions regarding buying this loan without any hassle or confusion about the loan repayment terms and policies.
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