subject: Where can I obtain a no credit check car loan? [print this page] If you are currently in a situation where your credit score is preventing you from taking on a typical car loan, but you are in desperate need of a vehicle. There is very little choice left other than the no credit check car loan services. These loans are very similar to the typical bad credit car loans with one exception. The loan provider or the lender will guarantee your approval regardless of your credit history; however they do need a small amount of down payment such as $500 dollars. The interest rate is the same as the bad credit car loans, ranging from 12% to 29%. The reason behind these high interest rates is simple, due to your credit history you are considered to be high risk borrower. In plain English that just means because you have a poor payment history, the chance is high you will not be able to pay back this loan as well. But when your local banks, car dealerships, even bad credit lenders all give up hope on you, the only choice remaining is the no credit car loan providers. These type of loans are your last resort, also your last chance to proof to the financial institutions you are willing to make a change and pay back your future loans on time and in full.
Look at your current situation this way; imagine you are currently serving a 20 years sentence because of some crime you committed. The no credit car loan provider is like the parole board of trustees. They have turned your request of early release down time and time again, but this time they are willing to give you a second chance in life. The conditions of your release are tough; you must meet these conditions to be considered for full parole. If you default on the no credit car loans, you have literally burned your last bridge in the financial world to be ever considered to lend money to again. Remember the interest rates are high, but that is because of your risk factor. If you want to have any chance to regain your financial future, you need to pay back this last loan on time and with interest.
With good behavior over a period of time, your credit score will slowly recover. When your credit score is stabilized enough you will be well on your way to cheaper interest rates as well as home, car ownership, even a line of credit. Be patient, the typical recovery period from a no credit car loan ranges from 12 to 24 months. When you have completed your recovery, you can then renegotiate your loan with your lender, or even borrow from your local bank. If you live in the greater Toronto area you can get approved for a no credit car loan with No Credit Check Car Loan service. You can find them online at http://www.nocreditcheckcarloans.ca pick up a vehicle from their inventory and call or submit your credit application directly.
