back to articles | December 31, 2018 | Dale Peterson

Categories: Auto Loans & Financing Buying & Selling Cars

First Time Auto Loan

Getting an Auto Loan for the First Time

The first time you apply for an auto loan it may seem like an impossible task. Don't despair, a first time auto loan will go smoothly if you just follow a few "first time auto loan" steps:

First Time Auto Loan for New or Used Car

The first time auto loan shopper must get a credit report . . . lenders will, so the first time you're getting a loan, you should too. The first time you're applying for a loan a credit report will help you understand how much you can afford. It will particularly help you in determining your budget the first time you are applying for a loan.

Go Online the First Time

If you are looking to save money the first time you get an auto loan, you should shop online. In fact, whether this is your first time, or you have had an auto loan before, appling for an auto loan online can save you a lot of money. It doesn't matter if you need a new or used car, when you are looking for a first time auto loan, shop online to save money.

Direct or Indirect Financing for a First Time Auto Loan Shopper

As a first time auto loan shopper, you should understand the difference between direct and indirect financing. Direct financing means a loan between you and the lender, while an indirect loan is typically obtained through a dealer. As a first time auto loan shopper, you can usually find a better rate and more flexible terms with a direct loan.