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Financing for First Time Car Buyers


First Time Car Buyer

So, you’re in the market for your first new or used car. Congratulations! The open road awaits you! You probably have questions about the process — how to find the right first car, how to go about buying it, and how to secure financing for your purchase. We’ve got answers! Below are some commonly-asked questions our customers often have as a first-time buyer.

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Visit us at 3010 E. Bell Rd Phoenix Arizona and have a spin with one of our vehicles. Our staff is accommodating and friendly. They are also well knowledgeable on the cars and trucks in our showroom and our finance options. Come one, come all.

Come take a look at our inventory at our Phoenix AZ dealership.  We look forward to meeting you!

How does financing work?

Say you’ve found a sweet Toyota Camry — great condition, low miles, and it’s got everything you need. Looks like a great first car, but how do you pay for it? When you finance a car purchase, you’re borrowing money and entering a contract to repay it over time, usually in monthly payments. This is a standard practice, and lots of people use financing to purchase larger items like vehicles and big appliances. 


How do I budget for a used car?

Do yourself a favor and make a budget for your first car purchase. Giving yourself some realistic guardrails will help make car ownership easier on your wallet! Most financial institutions recommend budgeting no more than 15 percent of your gross monthly income on a monthly car payment.


How important is a down payment?

A down payment is the amount of money you put down at the time of your purchase. Some dealerships require a down payment, but at Liberty Cars and trucks, making a down payment isn’t a requirement. But it is important. If you’re looking to buy a Honda Civic or Nissan Altima for your first car, making even a small down payment — even $100! — is better than nothing at all. That’s because it reduces that amount you’ll need to finance and your monthly payment amount. 

If you have a vehicle to trade in, you can get your car appraised (yes, you can put your offer from Liberty Cars and trucks toward the purchase of a used car or truck at Liberty Cars and trucks).


Can I get approved if I have no credit? How about bad or damaged credit?

We successfully provide options to customers with many different credit profiles because we work with some of the country’s leading financial institutions, which improves your chances of getting approved.


Can I finance through my bank or credit union?

At Liberty Cars and trucks, yes you can. Just bring your outside financing when you come to visit us at any Liberty Cars and trucks location. You can also replace your Liberty Cars and trucks offer with an outside financing offer within three days of your purchase, without any cost.


What do I need to get pre-qualified?

Our pre-qualification process is fast and simple, and you can get pre-qualified at your convenience, using your computer or mobile device.


Here’s what you’ll need to complete your application online:


Your contact information, including your home address

Your current employment information

Your current income information

Your co-applicant information, if you have a co-applicant


How do you decide where to buy?

We won’t tell you where to buy your first car or truck. Some dealerships may give you what you’re looking for — and others might give you the feeling that you’re being taken advantage of. But here at Liberty Cars and trucks, you can feel confident that we’ll never pressure you into making a purchase. We want you to find the used vehicle that best fits your needs, for as long as you plan to own it, and we have a no-haggle, no-pressure approach that lets our customers focus on finding a vehicle that’s right for them. 

You’re embarking on an exciting adventure — good luck with buying your first vehicle, and whatever you buy, we hope you enjoy it.

If your credit is suffering from financial mistakes made in your past, look no further than our Buy Here Pay Here Financing Department. We work with people like you who have less than perfect credit or no credit at all to ensure that you get a fair deal on a vehicle that you want to drive at rates that are relatively fair. The best way to find out about interest rates and payment is to contact our Finance Department to discuss your options. In fact, you can pick up the phone and Call 602 331-3333 and one of our Service Managers can have you behind the wheel of a vehicle sooner than you think. Our auto and truck Finance Office professionals are friendly and willing to work within your budget to find you a vehicle that best suits your needs.

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