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Originally Posted by MacGuyver
I hope you still read this thread, but...
I am 18 and looking to get an auto loan. I'm not that good with money at all and I have NO idea how it works, all I know is that they give me money to pay for a car, and I pay it back over time. Do you have a guide or any important points to help me through getting an auto loan and how it works, to make sure I dont mess up somewhere and get on the bad side of the bank?
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Yep, still do
Basically, what the bank will do is give you money for a vehicle, and you pay it back over time - with interest - of course. They will file a lien on the vehicle, which basically means that if you don't make your payments, they have the option to take it away from you and sell it.
You will be more likely to get the loan if you have either a co-signer or previous credit, and also if you have a downpayment for the vehicle.
You will also be required to carry full coverage insurance on any vehicle that has a lien on it, to protect the financial institution lending you the money.
If you are going to shop around to compare rates, do so on the same day, as it will damage your credit rating less. To stay on the "good side" of the bank, all you have to do is make your payments on time and keep your insurance current.
Hope this helps - if you have any more questions, just ask!