5. What are the benefits for first time car buyers?: If you are buying a car for the first time, then you are considered to be the lucky one. Yes, it is true because the first time car buyers are provided with different programs by the financial institutions in order to create impression as well as to attract more customers. One such program includes down payment assistance programs in which it is not necessary to pay handsome down payment right away.

6. What is the interest rate on loan?: Normally, people understand the monthly payments better than the interest rates. But, it is mandatory to check for the interest rates on your loan. This will help you to know the actual amount that you need to pay as an interest over the life of the loan. Your interest payments will depend mainly on two things—first is the lender and second is the credit score. Each lender will evaluate your credit rating in different ways, so the interest rate you are offered can vary widely from one source to the other. Depending on your credit history, the amount of down payment, and the degree of credit risk all have some bearing on the interest charges of your auto loans.

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