Financing for First Time Car Buyers

Are you a first time car buyer with no credit? We know how exciting it can be to buy your very first car, but we also know it can come with plenty of questions and confusion. Here at Green Light Auto Credit, we’re fully dedicated to making the first-time car buyer’s experience possible, painless, and positive for our customers in the St. Louis area. We specialize in helping potential car buyers with any type of credit get the car loans they deserve, so we’re equipped to confidently advise first-time buyers on what they should know when they head to the dealership. Learn more about obtaining car loans with no credit and no cosigner, and don’t hesitate to reach out if you have any questions.

First-Time Car-Buy Financing: What to Consider

Know What You Need

People can have lots to say about what you should look for as a first-time car buyer with no credit. Nobody can know that as well as you, though. One of the most helpful things you can do is determine what you need from your first vehicle for life in the greater St. Charles area. Going in with an idea of what you’re looking for can help the salesperson better direct you toward the best vehicle for you.

New car buyer

Determine Your Budget

Before applying for car loans with no credit and no cosigner, you’ll need to determine your budget. If you know your budget, you’re less likely to consider options that could cause financial stress in the long run. With knowing your budget also comes knowing your payment options in regards to financing your new car. Will you buy outright? Get a loan? Lease the vehicle? These are all things the team here at Green Light Auto Credit can walk you through so you can avoid issues like missing payments in the future. Before you buy, you may want to take a more in-depth look at some additional information like first time car buyers programs with no credit history and helpful tips for first-time car buyers to help make a car purchase that you’re proud of.

Tips for a First-Time Car Buyer with Bad Credit

If you’re a first-time car buyer with bad credit, the interest rates you’re quoted will likely be higher than if you had good credit. Here are some tips to help you get started:

  • Know Your Score: You should know your exact credit score before you start applying. Check your credit with Experian, Equifax, and TransUnion a few months before you need to get the loan to give yourself time to improve your score.
  • Raise Your Credit: Even if you only have 30 days, there is potential to raise your score a bit. Start by correcting any errors that may exist on your credit report and begin paying down any existing debt.
  • Consider a Shorter-Term Loan: Short-term loans usually have lower interest rates than long-term loans, so they may be more forgiving for first-time car buyers with bad credit. Bear in mind, however, your monthly payment amount will be higher.
  • Choose a Bad Credit Lender: Institutions such as Green Light Auto Credit are prepared to work with first-time buyers, even if they have bad credit.

No Credit Financing

If you’re a first-time car buyer looking for car loans with no credit and no cosigner, no credit financing may also be on your mind. You might be wondering, “What is a first-time car buyer’s options when they don’t have the credit history lenders look for?” or “Are there first time car buyer program with no credit history?” Fortunately, there are a few ways to get a no-credit car loan — and fairly easily:

  • Get a Cosigner: Getting a family member or close friend to cosign on your auto loan can greatly improve your chances of approval, so long as they have good credit and a steady income.
  • Put More Money Down: Making a larger-than-expected down payment is one of the easiest ways to immediately reduce what you owe on a car and improve your chances of being approved for financing. Try to plan ahead for your car purchase and save as much as you can.
  • Explore Your Loan Options: There are a lot of first-time car buyer loan options to consider, such as loans for students or recent graduates. If you’re a new car buyer and have recently graduated or will graduate soon, your lack of credit is anticipated and chances are you can find a lender that’ll work with you.

Can a First-Time Buyer Get Car Loans with No Cosigner?

A cosigner is a fantastic way a first time car buyer with no credit can secure a car loan, but what if you don’t have a cosigner available? Can a first-time buyer get car loans with no cosigner? If you have no credit and no cosigner, it’s harder to get approved – but not impossible. Here are some tips for navigating the situation:

  • Be strategic with your applications. Focus on lenders that are known to work with individuals who have bad or no credit.
  • Provide as large of a down payment as possible.
  • Look for loan assistance through a Buy Here Pay Here program.

Why Choose Green Light Auto Credit?

Green Light Auto Credit has helped first-time car buyers in Florissant and beyond with financing their new vehicles. Whether you have questions about using a cosigner, the benefits of leasing vs. buying, new vs. used cars, and more, our team of experts can answer. Contact us to learn more or get the process started by applying for financing online.