Auto Financing for First Time Buyers

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Find Auto Financing at Cunningham CDJR!

Whether you’re buying your very first or it’s just your first time financing one, you probably have many questions. In most cases, a car is the second largest purchase of a person’s life. And being so, you want to make sure it gets done right. The sales team here at Cunningham Chrysler Dodge Jeep Ram is committed to helping all of our customers get behind the wheel of their next car at a rate that they can afford. Continue reading below to learn some tips for obtaining financing for your new vehicle!

Set a reasonable budget

Before applying for financing, you must set a realistic budget. To figure out how much you can afford to spend monthly, assess your current finances. First, look at how much money you have coming in and how much goes out. This will show you how much of a monthly payment you will afford without being in over your head. Chrysler Capital also offers a finance calculator tool to help determine this. This tool will show you an estimate of how much of a total loan you could be approved for and how much you might pay monthly, which will help set a price range when you begin shopping for a car. After this price range is set, you should look at how much you have saved up for a down payment. Knowing how much money you can afford to put down will help credit institutions assess the credit risk in your application and decrease the loan amount, which frequently results in lower interest and monthly payments.

Consider a co-signer or co-applicant

If you’re not sure if you have enough credit history to get approved for a loan, there are two ways another person, such as a parent or spouse, can help get you approved. There are two different ways to do this. The first is having a co-signer. A co-signer is another name on the loan that guarantees that the loan will be paid each month, even if you can’t make the payments yourself. However, a co-signer has no rights to the vehicle. On the other hand, a co-applicant offers a similar guarantee but has equal access to the car. Either one of these is an excellent decision for drivers seeking financing for the first time, as it will help them get approved for a larger loan.

Get a pre-approval

Getting pre-approved for financing allows you to see how much and what the terms of your loan agreement will be. This offers a higher level of confidence when you go into the dealership to buy your first car. When you start shopping for a vehicle, being pre-approved will also let you easily filter out vehicles that are out of your price range, making it easier for you to focus on cars that are perfect for you.

Finance your first car at Cunningham CDJR!

If you’re looking to finance a car for the first time, Cunningham Chrysler Dodge Jeep Ram has the resources to help get you approved! Our savvy financing team is well-connected and will help create the best financing situation for you. Right here on our website, you can find a wide array of new and used vehicles to choose from to fit any budget. Additionally, our website has a secure online financing application to help you get pre-approved in a few simple steps. We look forward to serving you!