One of the most important and most fond purchases is your first car, unfortunately for many people that would like to buy their first new car, they have little or no credit history. If you are just starting out, but desperately would like to buy a new car, here are some helpful tips.
Get a Co-Signer
One of the easiest ways for you to buy a new car even if you have no credit history is to have a co-signer. A co-signer is an adult with a credit history that not only vouches for you, but is legally responsible for the cars payment in the case that you dont pay. Usually a co-signer is a parent, relative or very good friend. Having a co-signer will not only usually help you get approved for a new auto loan, but also help you establish credit.
Put Down a Large Payment on the Vehicle Purchase
If you do not have a credit history or if your credit is fairly new, one way banks may be willing to take a risk with you is if you put a large amount of money down on the vehicle. For instance, if a car costs 20K and you put down 10K, you will probably find a bank or two that is willing to take the risk that you wont default. Banks use your vehicle as security. ...
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