Buying your first vehicle can be a stressful and anxiety-inducing experience. Even if you attempt to research what you should be doing, you’ll probably find a lot of conflicting information. We come across a lot of confused first-time buyers who are looking for a little assistance and guidance regarding the vehicle purchasing process. The finance center at Yemm Automotive Group, located at 2195 N Henderson St in Galesburg, IL, is a great resource for those who are considering purchasing their first car, truck, SUV, or minivan. Our experienced finance professionals have a wealth of knowledge from their time in the field and we have compiled many of the most frequently asked questions they have been asked by first time buyers.

Questions About What to Do Before Applying for Financing

What are a couple things I should be doing before I start looking at vehicles?

One of the main things you should do before you start looking at automobiles is determining your budget and what you can afford. There is no reason to consider a car, truck, SUV, or minivan that you can’t afford. There are many guidelines you can use to help determine what monthly payment you can fit into your budget. Our finance center can help you determine the right monthly payment for your situation. You can also start to consider what kind of features or technology you might need in a new vehicle.

What is the advantage of knowing what is on my credit report?

Knowing what is on your credit report will let you know if there is something on your credit report that might impact your approval. This will let you take the steps you need to resolve that item, so it won’t become an issue. It will also let you know if you have any credit if you are unsure.

Question About Financing

If I have no credit, will I need a cosigner?

The short answer to this question is: maybe. Without any established credit, our banks and financial institutions won’t have any history to determine how you have been in repaying your obligations. One thing you might want to do if you have no credit, and want to improve your chances of getting approved on your own, is save up a significant amount of money to put down to put yourself in a good equity position.

Contact Our Finance Team

The finance professionals at Yemm Automotive Group, in Galesburg, IL, are full-service. Contact a member of our finance team today with any questions and give yourself the best chance of financing success.

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