Are you one of those who think, “I have no credit and I need a car loan?” Well, we can help. Take advantage of our nationwide specialist services to enhance your chances of obtaining approval for a car loan online despite you’re not having any credit ratings to start with.
Most of the traditional lenders like banks and credit unions do not prefer to work with borrowers who have no previous debt repayment records as they cannot predict their financial behaviours. But there are few lenders that specialize in providing car loans to even those applicants that have zero credit scores. They use some other parameters like jobs and monthly income for approving requests. Nevertheless, to compensate for the risks involved in lending money, the rates of interest charged could be significantly higher. But if you can assure lenders that you can pay monthly car instalments on time, you can build credit score much faster.
No Credit Check Dealers - Some dealerships like “Buy Here Pay Here” Lots or Tote-The-Note dealers provide in-house car financing programs to enable borrowers with no credit histories finance cars without running any credit checks. These lenders may report regular payments to credit bureaus too.
Having a Co-Signer – Your chances of securing an early no credit car finance approval will increase greatly if you get a co-signer, who has good credit reputation, to co-sign your loan. This will assure lenders that the money being lent is perfectly recoverable.
Establish your Credit Beforehand - Before considering applying for a car loan with no credit history, it could be better if you take steps to build credit by getting low balance credit card. Borrow money from it at regular intervals and repay it on time.