123ArticleOnline Logo
Welcome to 123ArticleOnline.com!
ALL >> Automobiles >> View Article

Key Questions To Sort The First-time Car Buying Process

By Author: jeffery reynold
Total Articles: 76

The coming of age to buy a vehicle is always enthralling. You are on the verge of becoming eligible for a car loan and the excitement is beyond comparison. However, there are a number of things that you should think through as purchasing an automobile brings its own set of responsibilities. Significant expenses such as fuel, maintenance and repairs are a part of the process. But, fret not. Asking the right questions will assist you in sorting your priorities and eventually get you closer to purchasing your dream car.

Car Clarity: Key Questions to consider before making the Purchase

1. What is the Minimum Age for applying for an Auto Loan?

Whether you are an early teen or enjoying the years of adulthood, purchasing a car and applying for an auto loan are tasks within your reach. Different states have different regulations for car registration and auto financing. According to Connecticut DMV, the law allows you to register a vehicle if you are at least 16 years of age. The same is the case with New York. However, you need to be at least 18 years of age to apply for an auto loan. Therefore, depending on the state in which you reside, you can apply for car financing and lessen your school & college transportation woes.

2. Can I apply for an Auto Loan if am not Eighteen?

Many teenagers get excited about owning a car as soon as they get a learner’s permit. However, if you are below eighteen years of age, you cannot enter into a binding auto loan contract. Any 17 years old or younger person is considered as a minor in the eyes of law. Once you have reached the age of 18 years, you do have the chance of getting a co-signer for you auto loan. As 18 is too early an age, you may have little or no credit history. However, the presence of a financially strong co-signer with a good credit score will help you in attaining an auto loan for your car.

3. How to transfer the Existing Loan in my Name once I am 18?

The early adulthood of eighteen gives you the power to vote, serve on a jury and sign a valid contract. If you are eighteen or above, comfortably earning and capable enough to make your monthly auto loan payments, you will set a good mark of credibility in the eyes of the lenders. Make sure you make all the credit card payments on time. Take actions toward building a stellar credit history and you will be successful in unburdening your parents and transferring the auto loan under your name.

The Way Forward

Purchasing your own car is a sign of independence and outgrowing your ways of living. Buying a car always comes with its own set of regulations and responsibilities. Make sure you wait till eighteen to apply for an auto loan and drive away with your dream car.

Are you a first-time car buyer? Enjoy special interest rates and immediate approval on zero credit auto loans. Choose a qualified lender to avail the special first-time car buyer’s program and get ready to buy your favorite car.

Total Views: 33Word Count: 523See All articles From Author

Automobiles Articles

1. Increasingly Stringent Fuel Efficiency Norms To Drive The Demand For Electronically Assisted Steeri
Author: MarketsandMarkets

2. Advanced Technology And Growth Of The Automotive Industry Will Drive The Automotive Engine Market
Author: MarketsandMarkets

3. How To Choose The Best Place To Undertake Your Car Repair?
Author: James Johnson

4. Air Pressure In Tyres-impact On Driving
Author: BK Vijay

5. Considerations To Keep In Mind Before Buying A Lube Truck For Your Business
Author: Scott Lee

6. Taking Advantage Of The Skoda Deals
Author: Daniel Skoda

7. Buying Bridgewater Cars On Sale - Bridgewater Car Sales
Author: Bridgewater Nissan

8. The Roller Conveyor Type Leads The Conveyor System Market In Food & Beverage Industry
Author: MarketsandMarkets

9. Lighting To Be The Largest Application Segment Of The Glazing By Polycarbonate Material Market
Author: MarketsandMarkets

10. Technological Advancements & The Growth Of The Automotive Industry Are Expected To Drive The Vehicl
Author: MarketsandMarkets

11. Get An Airport Shuttle Service When You Are In A Hurry To Catch A Flight
Author: Max Brier

12. A Thin Thread Of Differentiation Between The Bobbers And Choppers
Author: Levi Fysh

13. How To Find Auto Repair Shop - It Is Very Important To Make The Right Choice
Author: Mark Josesh

14. Factors You Should Consider While Hiring A Lorry Anywhere In Bradford
Author: Emma Denton

15. Swipe & Buy: Is It Possible To Buy A Car With A Credit Card?
Author: Williams Orchard

Login To Account
Login Email:
Password:
Forgot Password?
New User?
Sign Up Newsletter
Email Address: