First Time Buyer Questions

[Anonymous]

Hello all,

I recently have come into the market for a vehicle. I am planning on getting a car thats in the 10k-20k range and not trying to put more than 1k down. My questions are what are my option when it comes to financing a car as a first time buyer. I also read the first time buyer guide, yet i did not understand fully how I could shop around for loans without it effecting my credit score. 

Credit Scores: EX:622 TU: 597 EQ:609 (according to equifax)

Credit Karma Score: 623

Car Year: 09

Miles: 54k

Loan Length: 60

I also dont have much of a credit history as I am farely young.

[0REDSOX7]

You'll have a higher rate because of no previous auto experience.

Do you have any other installment loans/credit cards that report? An negative items on your credit report?

So, you can shop around for a car loan - take multiple inquiries over the course of a 30 day period and it will be scored as one inquiry.

My local bank has a policy that the interest rate can be .5% to 1% higher and have a down payment requirements of 500/1000 depending on your credit score.

[Anonymous]

I have a credit card with capital one which i pay off ontime and in full.I also have couple things financed through Conns but paid ontime.  The only thing negative I can think of is that I had a amazon and a DSG store card that I paid off and closed. That was before I knew how it affected my credit score.

By high interest rate do you mean 10%+ or even worse than that. 

[0REDSOX7]

Do you have any local Credit Union you can join? They seem to be the best. Obviously the dealer will get you financing, but will try and give you a higher rate.

If you can go and get preapproved with a rate, you can use that to your advantage.

I would say the max you would get is 10%.

If you go to a CU, you'd get much lower.