For many people buying their first car is a big step and even a rite of passage. Many remember the excitement they experienced looking for their first car and knowing that soon, they would be free to go anywhere or do anything.
The act of purchasing their first car is a fun experience someone will only have once, unfortunately for a young buyer, it could also be their first time experiencing a reality check. A young buyer or first time borrower will quickly learn about higher interest rates, expensive insurance quotes and also what it’s like to ask their parents to co-sign for an auto loan. That’s right the young and first time buyer will quickly learn that buying your first car isn’t always fun! This is because banks and finance companies perceive an increased risk based on the younger buyer’s lack of credit and life experience.
While the debate and the stats are often disputed, the fact remains that the process for securing an auto loan is generally tougher on first time car buyers. With this laborious reality, the young buyer has no choice but to get their credit lessons served to them with unfair conditions like parental co-signors and big down payments or worse, in the form of a decline.
First time buyers can now take a deep breath because they now have a choice! The days where you had to buy a beat up old car or take the bus until you’re 25 are gone! That’s right, young buyers don’t always need large cash down payments or parents to co-sign anymore! Special Finance companies are now offering auto loans catered specifically to the first time or young buyer.
The auto loan experts at Car Credit Hero work with multiple banks and auto lenders that specialize in young buyer and first time buyer scenarios. Access to these auto finance companies combined with a superior understanding of all credit types (even bad credit and no credit) mean that the staff at Car Credit Hero are able to get you approved on an auto loan, at any age!
If you’re a young buyer ready to purchase your first car on your own and with little to no downpayment, then Car Credit Hero can help! Apply Now for the loan you deserve!