One of the Catch-22 situations of getting car credit for the first time is that loan companies generally want to see some type of established credit. It is difficult to establish other credit, if no one gives you a first shot. Somebody has to take a chance on you and give you the opportunity for financing, so why is it that first time car credit usually requires prior car credit? That's a definite Catch-22 situation, right?
Fortunately there are some lenders that can help you out. If you have a cosigner that does help you to get a lower interest rate, however it is very doable to obtain financing without one. You will find that you will generally pay at least two percentage points more in interest rate, without a cosigner than you will with a cosigner. So if you don't have a cosigner, it may be better to stick with a lower-priced car than going all out on a Lincoln navigator.
It will also help you if you have some type of down payment, however you don't have $20,000. You can get by with a little bit in the whole point is just showing a lender that you are making a commitment to the loan and have enough financial stability to provide an initial investment in the vehicle. It's more a matter of principle and a display of commitment, then it actually has anything to do with lowering the amount financed.
Dealer financing as an option, however you will find that there are usually better options for you through specialized lenders on the Internet.
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