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First Time Auto Loans

Getting an auto loan to buy a car can be a very intimidating experience for a first time car buyer. Many people end up paying too much when they get first time auto loans because they don’t know what they’re doing.

Auto dealers know that those who seek first time auto loans may know little or nothing about auto loans. They take advantage of this and talk first time car buyers into getting loans that are too expensive. In particular many people end up paying very high interest rates on first time auto loans.

Fortunately, car buyers who have a little knowledge and some common sense can avoid getting ripped off on first time auto loans. First time auto loans do not have to cost too much or be a hassle for car buyers.

Shop Around for First Time Auto Loans

One thing many people realize is that they can shop around for first time auto loans before going car shopping. A person can for example go online and get approved for an auto loan before going to the car dealer.

An individual can usually get a much better deal on a first time auto loan online than at the dealer. In particular, a buyer can compare auto loan deals and decide which one is best. The buyer can know what interest rate they should be paying before going online.

Another good place a person can go for a first time auto loan is their bank or credit union. Banks often give deposit holders special deals on auto loans. Credit unions will give their members really good interest rates on auto loans. A first time car buyer who goes to their bank or credit union can get a better deal on an auto loan.

Credit Score Affects First Time Auto Loans

Before seeking first time auto loans a person should get a copy of their credit report and read it. This way an individual can determine if the credit rating will help or hinder the auto buying process. A person with a good credit score should be able to get a good deal on an auto loan.

An individual with a really bad credit score should consider seeking out a no credit report auto lender. Such lenders issue first time auto loans based purely upon a person’s income. Unfortunately such lenders charge much higher interest rates.

A person should check the credit report carefully because such reports often contain errors. If an individual finds errors on their credit report they can contact the credit bureaus and have them removed from it.

How to Affect Your Credit Score

Typing the words credit report into a search engine should help a borrower get a copy of their credit report. Every consumer is entitled to a free copy of their credit report from the big three credit bureaus: Transunion, Equifax and Experian. The consumer can get this information by visiting the Big Three’s websites.

It is best to get a credit report and check your credit score before going car shopping.  One thing to remember is that your credit score actually goes down whenever a lender pulls your credit report. This means that applying for several first time auto loans can cause your credit score to go down and make it harder to get a loan. Only apply for an auto loan when you are sure that you will be approved for the auto loan.