If you’re looking for financing as a first-time car buyer then you’ve likely got questions.
Questions such as:
How easy is it to get credit for your first vehicle?
Can you get funding with no credit experience?
What are the options?
Don’t worry. At Chrysler Capital, we understand this is an important step in life and we have financing opportunities to help.
What’s more, our process is quick and simple so that qualified buyers can even shop and drive the same day.
Here are some tips as you go forward.
Help for first-time car buyers
Work out what you can afford – For many consumers, a car will be their first major purchase – an especially good reason to work out what they can afford. Use our handy finance calculators to help with your planning and estimate your costs.
Get prequalified – One of the smartest moves you can make is to
Save for a down payment – Money down is a requirement in many cases, so we recommend saving up for a solid initial payment. However much you can offer will impact how we analyze the credit risk involved in your application when you’re ready to apply. It may save you money on interest, too.
Choose the right vehicle – Once you know what’s affordable you’ll find it easier to shop for suitable vehicles. Whatever you have in mind, the FCA US group of brands has a lineup to meet your needs. Check out the cars, trucks and SUVs from Alfa Romeo, Chrysler, Dodge, FIAT®, Jeep® and Ram.
Consider a co-applicant – Moving on to that financing application, some applicants may find it worthwhile to team up with a creditworthy co-applicant. Applying with another party, such as a parent or spouse, will often increase the opportunity to get a higher financing amount and a better interest rate.
Benefits ahead
The advantages of auto financing for first-time buyers go beyond getting your own set of wheels. Making timely payments on an installment contract will help you build credit for the future and strengthen your position for your next vehicle purchase.
With 10 years of experience in auto finance, Rob Looker helps car shoppers find the right vehicles with the right financing so they can enjoy the road ahead. When he’s not creating content, he’s often behind the wheel, exploring new places.
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