No Previous Auto Loan
First-time buyers can apply even without an established auto-loan history. Financing sources review the application according to their individual requirements.
First-Time Car Buyers Near Lexington, NC
Shopping for your first car, truck or SUV near Lexington? Start with used vehicles for sale at Peters Auto Mall and explore first-time buyer financing through our network of banks and credit unions. Our South Main dealership in High Point is approximately 22 minutes from Lexington.
Shop Used Vehicles for Sale by Make Near Lexington
Looking for a specific manufacturer? Explore used cars, trucks, SUVs and vans from a wide range of makes. Availability changes frequently, so check our live inventory to see what is currently for sale.
Acura, Alfa Romeo, Audi, BMW, Buick, Cadillac, Chevrolet, Chrysler, Dodge, Ford, Genesis, GMC, Honda, Hyundai, INFINITI, Jaguar, Jeep, Kia, Land Rover, Lexus, Lincoln, Mazda, Mercedes-Benz, MINI, Mitsubishi, Nissan, Ram, Subaru, Tesla, Toyota, Volkswagen, Volvo
Not seeing the make you want? Our selection changes as vehicles arrive and are prepared for sale.
Shop All Available InventoryFirst-Time Car Shopping Near Lexington, NC
Lexington shoppers can compare used cars for commuting, family SUVs, pickups and vans online before visiting Peters Auto Mall South Main at 2857 S Main St in High Point. Our inventory spans both High Point locations, so check where the vehicle you want is available.
Convenient for Davidson County Shoppers
These approximate driving times are from the listed towns or areas to our South Main location. Actual travel times vary with traffic, starting point and route.
LexingtonAbout 22 minutes to South Main
ThomasvilleAbout 14 minutes to South Main
TrinityAbout 8 minutes to South Main
DentonAbout 30 minutes to South Main
We also welcome first-time buyers from nearby Davidson County communities. Explore current inventory first, then choose a store-specific directions button below. Both dealerships are in High Point, not Lexington.
Your First Auto Loan: What to Know
Financing your first vehicle does not require a previous auto loan. Peters Auto Mall works with more than 30 financing sources, including banks and credit unions, offering a range of programs for first-time buyers and different credit histories. Available rates, down payments and terms depend on the applicant, lender and vehicle.
Multiple Financing Sources
Our established relationships with banks and credit unions provide a variety of potential financing paths. Qualified buyers can compare available rates and terms with other offers.
Income and Employment
Current income, employment and financial obligations may be considered during the financing review. Be prepared to provide accurate application information.
Down Payment
There is no single down-payment requirement for all first-time buyers. The amount depends on your application, vehicle and financing source.
Identification and ITIN
Acceptable identification and documentation depend on the transaction and financing source. Peters Auto Mall also works with applicants who use an ITIN.
Choosing Your First Vehicle
Compare the total cost, condition, insurance, fuel economy and financing terms before choosing the right car, truck or SUV for your budget.
Financing is subject to approval. Loan terms, interest rates, down payments and vehicle eligibility depend on the individual application and applicable financing requirements.
Start Your First Vehicle Purchase Online
Start from Lexington: shop vehicles, review the financing process and gather any documents needed before visiting High Point.
First-Time Car Buyer Questions
Can I finance a car if I've never had an auto loan?
You can apply. Peters Auto Mall works with first-time buyers who have never financed a vehicle. Eligibility depends on your complete application and financing requirements.
Is no credit the same as bad credit?
No. Having little or no established credit is different from having previous credit problems. Financing sources consider the information in your application when reviewing available options.
Will I need a co-buyer for my first vehicle?
Not necessarily. Some financing situations may benefit from a co-buyer, but one is not automatically required just because this is your first auto loan. Requirements vary.
How much money down will I need?
Down-payment requirements vary based on the selected vehicle, financing source and your application. There is no universal amount for every first-time buyer.
What documents might I need?
Depending on the financing source, you may be asked for identification, proof of income, employment details, residence information and other application documents. Our team can help explain the applicable requirements.
Can I use an ITIN to apply?
Peters Auto Mall works with customers who use an Individual Taxpayer Identification Number. Eligibility and documentation requirements depend on the financing source.
Can I start shopping and applying from Lexington?
Yes. Browse current inventory, start online pre-approval, and request a trade-in evaluation before visiting High Point.
What if another dealer has already declined my application?
You can still submit an application to Peters Auto Mall. Different financing sources may have different requirements,. Approval is not guaranteed.
Can I trade in a vehicle even if I still owe money on it?
Yes. Peters Auto Mall evaluates trade-ins with existing loan payoffs. The vehicle value and outstanding payoff are considered as part of the transaction.
Is first-time buyer financing guaranteed?
No. Approval and terms depend on the application, vehicle and applicable financing requirements. Our team can help you explore available options.
Get Directions from Lexington to Peters Auto Mall
Peters Auto Mall South Main is approximately 22 minutes from Lexington. Both dealerships are in High Point; vehicles may be at either location. Confirm availability and location before traveling.
Ready to Shop for Your First Vehicle?
Browse used vehicles for sale, explore first-time buyer financing and ask about incoming inventory. Our High Point team is ready to help Lexington-area shoppers take the next step.
We also often have vehicles moving through inspection, service and detailing before they appear online. Tell us what you're looking for.
Questions? Call Now.