How to Get Financing for a Car

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Financing for a car can be easy with a new car due to dealer incentives and rebates. Establish bank credit to get a car loan with advice from a registered financial consultant in this free video on money management.

Part of the Video Series: Personal Finance Tips
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Video Transcript

This is financial advisor, Patrick Munro, talking about how to get financing for a car. Having an automobile is a privilege in life, and it's a great time when you receive your first auto loan. It may be a used car. It may be a new car. Many times it's easier to get a loan for a new car, because there's dealer incentives and rebates involved for that, and many dealers have programs for young people as well, which will assist you in that area. How to get approved for a car loan is a basic situation whereby if you have bank credit established, you have a good checking account, no bounced checks, and carry a fairly decent balance in your bank account; in fact, you put down a decent down payment that will satisfy the lender, and you can prove that you have a job that will allow you to make the car payments there's a great opportunity for you to be approved for your car loan. Make sure you don't buy too much car. Make sure you pay off your car as soon as possible, and then, of course, you have an opportunity to trade it in to get another car. This is Patrick Munro, talking about how to get approved for a car loan.

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