Credit Established:

If you already have credit established like a previous car loan or equivalent then you can probably qualify for a regular type of car loan. However if you fit the College Graduate Program below that program may benefit you depending on your credit score.

No Credit Established:

1st Time Buyer Program

These programs are for anyone who hasn’t purchased a vehicle before and cannot find a family member to co-sign on a loan with them. This program is typically on a new vehicle only and the financing is provided by the manufacturer. This program typically requires a larger down payment of 20% or more of the total financed. This includes all taxes and fees. If the total amount after taxes and fees is $20,000 the down payment would be $4,000 leaving you a financed balance of $16,000.

College Graduate Program

These programs are for students that are going to graduate within the next 6 months and have a letter of acceptance for a job in their field upon graduation or they have graduated within the last year or two and are currently working in their field. The programs generally have decent interest rates but you aren’t allowed to have any bad credit on your credit file. No credit is acceptable. These programs are only for accredited schools and universities.

Co-Signer Program

This is the route that most new buyers take. They have someone from their immediate family co-sign on a loan for them. The parameters of the loan will vary upon the co-signer’s credit and amount of down payment involved. If the credit is good enough a $0 down payment is possible.

No matter which program you fit into the Car Coach can help you SAVE !