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.
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.
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.
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