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If you do not currently have a job, really start searching for one. Your ability to pay is a major factor in your ability to get approved at all.
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As a result, you should want to work on improving this third financial factor before you go to take out the car loan for your own security and protection. Obtaining a bad credit car loan when you have no money for a down payment might seem really scary at first.
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Fortunately, lenders are going to look at other parts of your financial situation, so you can really work on making a better future now. Tap to Call Now! Phone: Directions: Highway Remember, when you go to get your pre-approval with the Dougs Credit Center car dealership for no down payment and bad credit car buying services, that we will review your: Credit scores Down payment amount Recent credit history Monthly income Let's talk a little bit more about how you can improve these two latter factors to make yourself more presentable to the lender.
You can get a free credit score from NerdWallet.
How to Buy a Car with No Credit
But before you hit the brakes on your dream of a new car, here are a few options for buying a car with no credit history:. Of course, getting a loan on your new ride is much easier if you can show your potential lender that you have good credit history. It just takes a little work: making payments on time, keeping your debt low and monitoring your credit score, among others.
At NerdWallet, we strive to help you make financial decisions with confidence. It may, however, require some extra research to ensure you get the best deal available — which, unfortunately, will still be more expensive than if you were to have an established, positive credit history.
How to Get a Car Loan with No Credit
If you have no credit history, however, you may have a tough time convincing some lenders to extend credit. For many lenders, that risk is too high, and they may deny your application. There are, however, some auto lenders that specialize in working with people who have poor or no credit. Even if you do qualify, you may be limited to used cars for a while, primarily because new cars typically cost more and you may not qualify for a loan big enough to meet the sales price. Finally, having bad credit could negatively impact your car insurance rates. Either way, you could miss out on savings.
Other Lenders to Consider
Here are some of the best options available for buying a car without credit. If you have a creditworthy family member or friend who is willing to apply with you, you may be able to qualify for a car loan with even some traditional auto lenders that might otherwise brush you off.
So the lender knows that if you default, the other person on the loan is likelier to repay the debt to avoid wrecking their credit. Websites like Auto Credit Express allow you to get connected with reputable lenders based on your credit score, simplifying the research process. Once you have a few lenders to compare, settle on the one that offers the best terms for your situation.
One thing to watch out for when buying a car with no credit is a dealership that offers in-house financing. However, these dealerships tend to charge much higher interest rates than even bad-credit lenders, and the chance of repossession is generally higher. If you have the time to save up more, however, it could make you even less of a credit risk and potentially lower your interest rate. If the account has a good payment history and a relatively low balance, you can reap the credit benefits of the account without the responsibility of paying the balance.
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Another way is to open a credit card account of your own. A secured credit card is a typical option for people with no credit. These cards function similarly to normal credit cards but require an upfront security deposit, which you can get back after demonstrating responsible credit card use or when you close your account.
Related Buying A Car with No Credit - How to have Bad Credit but still Qualify for a Car
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