First Time Car Buyer Loans
I am completely clueless, with that being said...Lets say I save $2,000-$3,000 I have no credit and I want to buy a used $7,000 car. Can I be financed?Answer:
Yes, you can definitely get approved for first time car buyer loans. How good the terms of the loan will be will depend on what lender you are able to get approved with.
It is very important to know the difference between no credit and no "good"
credit however. That may seem like a no brainer, but I see many, many customers that think they have "no credit," but in reality have no good credit and plenty of bad credit.
It's not that they've had accounts and never paid, they simply didn't know they had medical collections, a non paid electric bill (moved and didn't know there was a balance) and on and on...
Take a look at your credit report here, Free Credit Score!
If you fall into the absolutely no credit category, then you may be able to qualify for a credit union first time buyer program, this will certainly be your best bet.
If you fall into the no good credit category, then it will probably not work with a credit union and you'll need to work with a local finance specialist to help with first time car buyer loans.
Apply with Funding Way
and they should be able to connect you with a finance specialist in your local area that can help.
All in all, there are some other factors that I'm not aware that could have an impact on your loan, but the down payment you have and the small amount you are looking to borrow should make getting approved easy.