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No Credit Auto Loans Are for People Just Starting Out

At Auto Loan Finance we know that everybody has to start out somewhere. After all, we are not born with a credit history, right? Therefore, it's very important to make smart choices when you begin to borrow, as you are also beginning your credit history, which will always have a profound affect on your life, often in ways that you probably don't imagine. For instance, employers often will check your credit when you apply for a job to see if you are trustworthy, and they will base this on your credit score. Likewise, when you fill out an application to rent an apartment, you may be turned down if you have a low credit score. Auto loans, like credit cards and most other types of consumer credit, are recorded in your credit file at the three main credit reporting agencies (Experian, Trans Union, and Equifax). Most auto lenders will report every month as to the state of your auto loan and your payments, timely or not. So, it's critical that when applying for a no credit auto loan, that you only sign on the dotted line if the terms and interest rate are such that you can be certain that you will always be able to afford the payment and you will never be late.

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No Credit Auto Loans in Four Easy Steps

  • Fill out online application form
  • Get a call from our dealer representative
  • Receive your loan approval
  • Choose your car and drive it home

Will I be approved For an auto loan with no credit?

First off, it's important to note that most dealerships and lenders in our network will only approve used auto loans for people with no credit history at all, unless you have a cosigner or make a large down payment, which we will cover shortly. The reason for this is pretty obvious, with no credit history at all; the lender has no way to know if you will make your payments on time. Plus, a used car loan will be for a much lower amount of money, so your payments will be lower than with a new car loan, making it more likely that you will be able to successfully make your payments on time. That being said, many of the dealerships and lenders in our nationwide network are willing to work with people that are just starting out. Some lenders will make a very bad credit car loan or even no money down, however, that is not the norm.

Keeping in mind that the most important aspect of your first auto loan is that you should be able to afford it, so that you will never be late with payments, and so that you will build your credit score and not harm it, there are two things you can do to lessen the risk to the lender, making it more likely that they will be willing to give a lower interest rate on your loan.

  • A down payment on a no credit auto loan lowers your risk to the lender. Some lenders will require it, others will not. It is wise to make as large of a down payment as you can afford. Remember, the less that you borrow, the less that you owe. This is one way to keep your payments down, insuring that you will be building a positive credit history with each monthly payment. A larger down payment will give you the ability to negotiate a lower interest rate on your loan.
  • The use of a cosigner on your auto loan with no credit can resolve the entire problem of having no credit. When you apply for no credit auto loans with the help of a cosigner, the auto loan will be based on the cosigner's credit rating, and not your lack of one. With that said, choose your cosigner very carefully! When asking someone to cosign on your auto loan with no credit, you need to find someone with excellent credit; the higher the credit score, the better for you. If the cosigner that you choose has a relatively high credit score, then you will be able to negotiate with the dealership for a better interest rate, since the risk to the dealership has now been significantly reduced for the dealership to give you an auto loan, inasmuch as if you don't make your car loan payments, the cosigner will now be responsible for paying the car loan. Be mindful, the cosigner needs to be aware, that in the event that you stop making your loan payments and the loan goes into default, they will be accountable to repay the balance of the auto loan. For this reason, the cosigner should really only cosign for the auto loan if they can afford to repay it in the event of your default. Parents or other family members are good choices for a cosigner.

Requirements to Apply for an Auto Loan with No Credit History

  • Monthly Gross Earnings of $1500
  • Proof of your present address (Utility bill or other statement)
  • Valid Driver's License
  • US Resident at Least 18 Years Old
  • No Auto Loans through Private Parties

Why Work with Auto Loan Finance for Your No Credit Auto Loan?

The staff at Auto Loan Finance has been helping Americans to find the best financial products to fit their own unique financial requirements for more than ten years. We're proud of the assistance that we've been able to give consumers looking for an auto loan, often helping consumers in finding a car loan when there are no other alternatives available. This is because we have meticulously assembled a nationwide network of more than four hundred auto lenders and dealerships, allowing us to assist nearly any American, no matter what their auto finance needs may be.

  • We work with all credit scores
  • No credit car loans available
  • First time car loan options
  • Finance a new or used car
  • Student auto loan programs
  • Fastest application process

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