Financing for First Time Car Buyers

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.

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. 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

Another helpful thing is 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 tips for first-time car buyers to make a car purchase you’re proud of.

No Credit Financing

If you’re a first-time car buyer, no credit financing is likely 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?” 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.

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, how to calculate the interest on a car loan, 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.