subject: No Credit Car Loan [print this page] Getting a car loan with no credit is not as hard as getting one with bad credit. If you have done nothing to build your credit in the past, there are dealers that can work to get you a vehicle so you can start building credit in the future. Everyone needs a first chance from somewhere, and you could get yours from a buy here pay her dealer that offers special financing for the credit impaired. The process is a lot simpler than you may think, and it could make all the difference in your financial future.
Most of the time, no credit car loans will come from dealers who are willing to finance their customers directly. Rather than abiding by the rules of the banks, these dealers set their own requirements for lending to determine what they need out of you. Usually that is nothing more than proof of income and residency. If they can see what you make each month and where you live, they can get you a loan. Their biggest goal is to sell you a car. With the right qualifications on your end, they can do just that without ever having to look at your credit.
When you apply for a no credit car loan, it is important to remember to get something you can actually afford. The last thing you need is to get a loan that is too much for you so that you start missing car payments. That will put bad marks on your credit and burn your relationship with a dealership that is trying to help you out. If you get a car that works with your budget, you can build good credit instead and make it much easier to get car loans in the future.
It does not matter who you are or what you do, everyone needs credit. A no credit car loan could be the perfect boost for your credit situation, getting you to a score that lenders will take into consideration for future financing. Stay on time with your bills, and always be in communication with your lender if a problem arises. As long as you work with the right dealer and the right buy here pay here program, there is no reason for you to not benefit from this kind of car buying. Take a look at some options in your area, and you could be driving a new car before you know it.
