But buyer beware: They may offer you a loan that makes them a lot of money – which doesn’t guarantee that it’s the best loan for you. If you’re not sure about getting a car loan from a bank or a dealer, remember dealers can look up multiple loan options on the spot. Some lenders offer bad credit car loans if you’re just starting to build credit or have low credit scores. Every lender will have their loan qualification requirements. Lender: You can get an auto loan at a bank, a credit union or an online lender.They can look up multiple loan options on the spot and may even have special financing offers – making this a convenient option. Dealership: Dealerships partner with lenders to help car buyers secure financing.Let’s look at where you can get auto financing: But getting a car loan can feel overwhelming because the options are practically endless. If you have a steady income and can stick to a budget, financing your first car can be a savvy choice. And new cars may have higher insurance rates. Keep in mind, older cars may have lower sticker prices but higher maintenance and repair expenses. You should choose a car based on what you can afford to pay to buy it and what you can afford to pay to maintain it. Don’t be distracted by bells and whistles. Nowadays, used cars can cost as much as new cars depending on which models you’re considering. Once you’ve set your budget, you’ll need to decide whether to buy a new vehicle or a used vehicle. Plug in a mix of car sales prices, down payments, loan interest rates and loan terms until you arrive at a number that matches your target monthly car payment. Whether you have a car in mind or not, you can use the Edmunds auto loan calculator to estimate your car payment and see what fits your budget. You should also consider what size down payment you can afford since you’ll pay that upfront. Remember to include car owner expenses, like gas, car insurance and maintenance, in your estimates. Look at your income and review your bills and other expenses to see what monthly car payment you can afford. Figure Out Your Budgetīefore buying your first vehicle, you’ll need to nail down your budget. And that’s especially true if you use our guide to help you pick your car and find the right car loan for your budget. The car buying process doesn’t have to be daunting. And if you walk into a dealership unprepared, it’s easy to spend more than you should. Buying your first set of wheels can be exciting, but it can also feel overwhelming. A car loan can get you on the road if you don’t have the cash to buy your first car.
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