If you are a first time buyer and have never financed a car before...and have limited trade lines...you can be in line for a higher rate as you are a risk to the lender. There are first time buyer programs thru manufactures lenders such as Ford Motor Credit , Volkswagen Credit , Nissan Motor Acceptance , Honda Finance ...ect ect. normally you have to buy a new car...recently got a degree and have a job lined up in the field you studied...you can have NO derogatory credit and have a small downpayment...of 5-8%.
If 10% is the very best you can get, even trying on your own..bite the bullet for 8-10 months and refinance after you have established a history....or get a co-signer with excellent credit.
a big DP can also drive the rate down if you finance below trade value....which puts the bank in an equity position.
Remember...they own the car...you just get to drive it and send money every month.
If you got to drop 22K+ to get a woman...KY Jelly is cheaper..lol
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