Getting a first time car buyer loan has never been easier. But there are a lot of pitfalls that you need to be aware of.

I sell cars in Phoenix, AZ and I often give this illustration to people looking for a first time car buyer loan:

Imagine your new neighbor comes over one day and knocks on your door. You answer it and he blurts out, “Can I borrow $25,000? I know you’ve got it and I really need it to buy a car. You can trust me to pay you back!”