Anxiously preparing for your first car purchase? Wanting an auto loan? Our Alfa Romeo finance experts at Helfman Alfa Romeo are diving into the details of financing and how to get a loan as a first-time buyer.
Financing a New Vehicle
When you want to buy a car, but can’t pay its entire cost upfront, you can apply for an auto loan. This is also known as financing. You’ll be responsible for paying back your loan in monthly installments until the loan is paid off.
How the Approval Process Works
We are happy to help you secure an auto loan at our Houston finance center. You’ll sit down with our team, and we’ll discuss your buying criteria, including your income and existing debt. Then, we’ll present your info to our circle of lenders to see who is willing to extend a loan to you.
How Approval is Determined
Lenders are typically looking at a few key factors when considering whether or not they want to offer an auto loan. They look at your income and expenses to make sure that you can comfortably make an auto payment each month. They also look at your credit score to see how responsibly you borrow money.
Options for First-Time Buyers
Naturally, since approval is based on your credit, that can make it a challenge to get approved when you don’t have any credit history established. However, many lenders are willing to work with buyers with bad credit or even no credit at all. In fact, there are even first-time car buyer programs available, designed specifically for new buyers.
Get Approved for Financing Today
Come and chat with our financial experts at Helfman Alfa Romeo to discuss your financing options. We’re happy to help connect you with a lender for first-time buyers today!
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