How Do I Apply For A No Credit Check Car Loan?

If you are in need of a vehicle for work or family and your credit score is so low even the bad credit car loan providers are turning your down

. There are very few options left; you have hit the financial rock bottom. Any loan that is offered by the dealerships usually comes from the local bank; the normal interest rate for a car loan will range from 7 to 9%. The bad credit car loans are specialty loans, designed for the B class credit ratings. This include anyone from score of 640 and below, in today's struggling economy you can become a bad credit applicant with just few missed payments on your bills. If your credit scores too low you maybe rejected from the bad credit loan providers. That simply means you have too much outstanding debt under your name, and you are deemed too risky for anyone to lend money to you regardless of the interest rate. In these types of scenario you can still apply for a car loan under the name of no credit check car loans, these types of loans are generally funded by the dealerships themselves. These types of loans may carry an interest rate from 20-30%, but if this is your last resort other than the bus, you have very little choice.

A no credit check car loan is similar to a bad credit car loan in nature, they both carry very high interest rate, and both are difficult to obtain. It is even harder to find a no credit check car loan provider, but if you reside in the Toronto area you can apply to Selected Fine Cars or SOS Car Loans with your credit application. In these types of loans your credit application is merely a formality, you can be approved regardless of your score and rating as long as you have a small amount of down payment. Since you need a vehicle to travel from point A to B, the choice of the vehicle is no longer up to you. In many cases you will be able to drive away with a vehicle valued $5000 or less which makes your monthly payment relatively affordable.

No credit check car loans are not the end of the world; some dealers are willing to help you as long as you make your payments on time. You can recover from your credit slip with good credit behavior; some times the dealer is even willing to trade your old car for a newer one. Remember if you are looking for a no credit check car loan you should maintain a good working relationship with your selling dealer because you may need their help in case something goes wrong with your car or payment.

by: Rick Li

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