For those that have not car loan history, it can be difficult trying to get an auto loan. But there are steps that can be taken to increase the chances of being approved for a first time buyers program in Beaufort, SC.
One avenue to apply for a car loan is to go through the finance department at Vaden of Beaufort. We work with 100's of financial institutions including banks and credit unions. Vaden of Beaufort is dedicated to getting your into the car you deserve.
Many manufacturers and finance companies will consider someone that has a credit history but not auto loan history a first time buyer. But many first time buyers will generally have nothing negative on their credit report. Usually, they have very little or nothing on their credit. This is when a co-signer may be needed. A co-signer is a person that has established credit that will sign the finance papers with you. By signing the papers, they agree to make payments in case you default. This effectively removes the first time buyer's risk for the financial institution and puts it on the co-signer.
While first time buyers programs may give you a break on credit history, you will still need to have to proper level of income. Finance companies want to be sure that you have the ability to pay back your loan. Plus, the more income that you have, the more you can save up for a down payment which will also affect your ability to get financed.
First time buyer programs are often created to insure that those without auto loan credit can still get the transportation needed. While there are some factors that will affect whether or not you can get approved, first time buyer programs are the best way for you to get a new car.