Auto Loans for Recent College Grads

studentThinking of purchasing a new or used vehicle for yourself for a graduation gift? Buying a car by yourself for the first time can be intimidating. As a recent college graduate, you know that you need to do some research prior to making those big decisions.

Obtaining an auto loan for a first car can be difficult, so consider working with Yes 4 Credit Oregon, as we have special programs for first timers.

Graduation season is huge for dealerships because they know recent graduates and their parents are itching to get some new wheels for a good deal. It’s important to be careful if you head directly to the dealership; if a deal sounds too good to be true, then it most certainly is.

The salesmen are ready to talk you into that shiny new car that you most definitely cannot afford on top of those student loans that you will be responsible for here shortly. They may offer you pretty good deals that will save you around $500-$1,000, but do you really want to pile on a car loan on top of the heap of student loan debt you’ve acquired over the last 2-4 years?

I didn’t think so.

In order to be an educated consumer, it’s important to know that there are tons of potential deals out there, and you don’t have to settle. Make sure you “shop around” for an auto loan that works best for you.

You should check your credit standing prior to any loan or car shopping—this way, you will know exactly what you can and cannot afford. Search online for things like payment calculators and car ratings.

Whether you have a credit card or not, you may not have built up enough credit over time to get those low interest rates that you are shooting for. To receive a better offer, consider having a cosigner—maybe a parent or relative, who can vouch for you and be a reliable “back-up” if you are unable to afford the payment one month.

Read the reviews of credit bureaus and dealerships. Try, Kelley Blue Book and Consumer Reports websites.

Having all of the research done prior to heading to the dealer will make you feel confident and cool to get you that great deal you’ve worked so hard for.

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