Special Finance for High Risk, First Time Buyers
Special Finance for High Risk, First Time Buyers
When looking at the way the things have changed for many people in today's economy. One thing has remained the same; we are still dealing with our past credit downfalls. You will either fall in the category of have credit that was good at one point but had some bumps and bruises along the way. Or you are some one that has no credit established; a good example of this is student that is looking to get into their first vehicle. In the eyes of the lender you are considered a high risk to get an auto loan. To some this seems like a task that couldn't be accomplished.
Lets take a look at what the a student is up against before even getting started with the process of getting into a vehicle. Credit or lack there of will play a big factor in getting approved for high risk auto loans. Believe it or not most first time buyer will usually try to go through a bank or credit union that they a familiar with. But end up getting denied. Even the few that get a bank to say yes will not get into a vehicle because they ask for a higher down payment that comes with an interest rate that is high also.
Not all hope is lost for a student that is a first time buyer. One option that is available is called a trade in, if you currently have a vehicle that you own outright. The money that a dealer gives you for it can be use toward the down payment for the new vehicle. But keep in mind that if for any reason you are unable to keep up the payment on the new car, you might lose the new one as well the vehicle you use for a trade. Then you are back to square one.
This will result in a major set back on the road of establishing you credit and also cause you credit score to drop something you don't what to happen. This will make it that much harder to get approved for a special finance auto loan. In the beginning what started out as a way of rebuilding your credit could end up bringing your credit score down, making it even more difficult to qualify for high risk auto loan.
Having no credit is looked at on a closer scale then having bad credit history. Because you are considered a high risk do to this being your first major responsible. Most first time buyer's default on there loan in the first six months. This comes from adjusting to the real world and having bills due each month.
When doing you research online you will find websites for people that have no credit or bad credit issues. These sites can help you rebuild your credit with a new or used car loan. The process works by matched you with a dealer that has an in-house high risk lending department. To help you get into a vehicle and help you on the road to rebuilding your credit, while raising your score.
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