Want A Car With No Credit History? No Problem
How do I get a used car loan wihout any credit history? This can be a serious problem for many people who desperately need a car, but are unable to save such a large amount. Most loans do require some sort of credit history for approval, but there are some options available for those with no credit history.
If you are trying to get a car loan without credit history then do be discouraged. A lot of car loans are given out without credit history since the car itself can be used as collateral. If you fail to make the payments then the lender can take the car back.
Another positive aspect for those lacking credit history is that creditors will not necessarily view your history in a negative light. Many lenders realize that lending to people without credit history is not always risky depending on income and job history.
If you are still concerned about obtaining a car loan with no credit history, there are some other things to consider. There are many opportunities to search for car loans, starting with the internet. Creditors will often allow you to obtain loan and insurance quotes online in an instant. By doing this many times, you can compare the best rates.
Another alternative is to visit a nearby bank or visit with a loan officer about your particular financial situation. This will allow you to get the best one on one attention that you need to determine your specific limitations. Sometimes a bank that you have worked with before will be more willing to give you a loan because they have some of your credit history.
Car dealerships also have loan companies that they work with. This will give you the chance for special financing that the car company will sometimes offer in part of a packaged deal. There maybe hidden rules and regulations with these loans though, so be careful.
If you are really struggling to find someone to give you a loan then asking someone to co-sign may work. A co-signer could be a parent, friend, or significant other who does have a credit history. This option will allow you to begin a credit history and your name will still be on the loan.
Getting a car loan without a credit history can be tricky and time consuming. However, there are options available to those in this situation. You may have to search around for the option that is best for your needs but knowing where to look will help. - 2368
If you are trying to get a car loan without credit history then do be discouraged. A lot of car loans are given out without credit history since the car itself can be used as collateral. If you fail to make the payments then the lender can take the car back.
Another positive aspect for those lacking credit history is that creditors will not necessarily view your history in a negative light. Many lenders realize that lending to people without credit history is not always risky depending on income and job history.
If you are still concerned about obtaining a car loan with no credit history, there are some other things to consider. There are many opportunities to search for car loans, starting with the internet. Creditors will often allow you to obtain loan and insurance quotes online in an instant. By doing this many times, you can compare the best rates.
Another alternative is to visit a nearby bank or visit with a loan officer about your particular financial situation. This will allow you to get the best one on one attention that you need to determine your specific limitations. Sometimes a bank that you have worked with before will be more willing to give you a loan because they have some of your credit history.
Car dealerships also have loan companies that they work with. This will give you the chance for special financing that the car company will sometimes offer in part of a packaged deal. There maybe hidden rules and regulations with these loans though, so be careful.
If you are really struggling to find someone to give you a loan then asking someone to co-sign may work. A co-signer could be a parent, friend, or significant other who does have a credit history. This option will allow you to begin a credit history and your name will still be on the loan.
Getting a car loan without a credit history can be tricky and time consuming. However, there are options available to those in this situation. You may have to search around for the option that is best for your needs but knowing where to look will help. - 2368
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posted by Frank Potter at 7:06 AM
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