Having no credit is no problem and actually in many ways far superior to having any sort of negative or derogatory credit such as late payments or collections. A “ghost” (someone with no credit score and no trade lines) is actually a very good thing to be as a first time buyer and we have a variety of financing sources with programs for “ghosts”

The short answer is 6 months. However, there are exceptions for those with less, especially if you have a prior job history in the same field of work with no time gap between. Having less than 6 months on your current job is NOT a deal breaker but 6 months job time really helps you to have more options available.

For most customers this is the most important question, and for us the hardest to answer. The easiest answer is it depends. For “ghosts” 10% of the sale price is a fair place to start.

For first time buyers who have established credit scores from other sources, this number can be as little as zero, if the score is high enough as well as the length of time and number of “trade lines” sufficient.

Absolutely. In fact, most people financing a vehicle for the first time are not getting their first vehicle and are looking to upgrade from their current vehicle. Not only can trading in your existing vehicle help satisfy the down payment requirements, but it also provides significant sales tax savings.

Income and personal expenses determine amounts banks are willing to finance for you. As a general rule, 6x your gross monthly income is a fair maximum in most cases.

For example if you work full time for $14 per hour, your gross monthly income is about $2400. In this case, figure that vehicles priced around $12k or less will work. Many 1st time buyer programs cap out at $15k so we try to keep a large stock of newer year vehicles in the $8-13k range.

Remember that lenders also look at your expenses to determine payment affordability so rent/insurance/ expenses on your credit will be a factor in a final approval. Neither All American Motors or our financing sources want to set a customer up for failure with a payment that is too high based on leftover income.

$1600 per month is generally the minimum required income. However, many lenders will finance first time buyers with a parent or spouse as a co-signer that brings additional income or positive credit to the combined application.

Yes! All American Motors is a certified CUDL dealer meaning we can do auto loans for existing members of nearly every credit union in Washington State. We also are a Wells Fargo and Ally Financial dealer, so we have 2 of the nations biggest auto lenders available as well. If you already have a pre-approval from your own bank, bring it in and we can use it to obtain your auto loan without you having to go back in to the branch.

We have financing for E1 and up. For active duty military, we have the same lenders for regular first time buyers as well as some additional options only available to active duty service men and women. Military customers are also eligible for special first time buyer programs for those with derogatory credit. We also offer to pick you up on base and let you test drive to the dealership if you need a ride!

Yes, and it is the most powerful advice we give our first time buyers. Most first time buyers are younger with budgets that would be hit hard if there was a major repair required on their vehicle.

Our lenders allow comprehensive warranties to be included in the monthly payment. These warranties are customizable in duration and levels of coverage depending on what suits the customer best.

Over 95% of our first time buyers also include GAP coverage in their payment to insure they will have to pay zero out of pocket, regardless of what they owe on the vehicle, if their vehicle is ever totaled during the entire term of their loan.

Even if you have less than 6 months on your current job or have had a late payment or collection on your record, we can still help you repair your credit by financing your first vehicle.

Most important in this case, is qualifying income and down payment. Expect to bring a bigger down payment to help qualify. The amount a bank will lend to first time buyers with derogatory credit is less so a significant investment of money down can make all the difference.

Every auto lender requires insurance as a condition of your auto loan. The actual minimum coverages vary from lender to lender, but it is required by all. If you have never had insurance before, we have a wide variety of carrier options and will assist in properly setting it up and helping you find the cheapest rates.

If you are ready to finance your first vehicle, these are the things you will need. Valid driver license, insurance, proof of residence (cable/utility/ phone bill or bank statements), proof of income (paystubs), insurance, and as many as 6 references . These items can also vary from lender to lender.

Most customers want the comfort of knowing they are approved before coming to our dealership. To do this, fill out our secure online credit application and you will be contacted by one of our sales representatives to go over what you have qualified for and set an appointment to test drive the car, sign the paperwork, and drive away!