Auto Loans With No Credit

Car Loans With No Credit

Do you need to get a car loan with no credit history? Fortunately, you have come to the right place. We specialize in helping consumers with little to no history of credit find a lender willing to finance them. All you have to do is apply online. Our secure application system utilizes advanced SSL (https) encryption, so your privacy is secure. When you apply, our advanced system goes to work placing your application with a lender willing to approve you despite your lack of credit history. In some cases, you may even qualify for a student or first-time buyer discount! There are no fees, no hassles, and no obligations.

>> Click here to apply online.

Keeping Your Rates as Low as Possible

At the early stages of your borrowing career, getting approved for a significant installment loan can be a “chicken or the egg” scenario. Without credit history, it is very difficult to get the auto loan you need, and yet having a loan is necessary to establish a significant history of debt repayment.

Lenders, of course, want to see a consumer’s credit history in order to determine a couple of things:

  1. How Likely Are You To Repay This Loan?
  2. What Interest Rate Should They Charge?

Many lenders are unwilling to finance people with no credit, as they cannot accurately answer these aforementioned questions without something concrete to go on – a history of credit. Fortunately, we have partnered with lenders across the nation who can and do offer auto financing for students, college graduates, first time car buyers, and other people who have not had a chance to establish their credit in a significant way. Other lenders, because the risk of lending to such candidates is higher, charge much higher than average annual percentage rates (APR). Fortunately, there are a few things you can do to 1) maximize your chances of approval, and 2) lower your interest rates.

Cosigners For People With No Credit

The single most effective strategy is this: get someone with good credit to cosign your auto loan. Typically this will be a parent, spouse, or close family member. Effectively, if your cosigner has good credit, you no longer need an auto loan with no credit, per se. Now you have a credit history underscoring and securing the loan. But remember: cosigning any loan is a very big responsibility. Your cosigner will be 100% responsible for the repayment if you are unable to make your payments for any reason. If someone has agreed to cosign your auto loan, make sure to indicate this on your secure online application.

Income and Employment Considerations

When your credit history is minimal, lenders will want to see that you at least have the income and job stability to repay the loan they give you. For this reason, it is especially important to have at least 1 year of employment under your belt and a monthly income in the $1500 to $1800 range, minimum. This can definitely be a challenge for students and recent graduates who do not have a great deal of income or employment history. If your income is less than $1500 per month and you less than 1 year of experience at your current job/employer, it will be best to find a cosigner if possible. This will increase your chances of getting the car loan you need, and it will dramatically reduce the APR rates you’re charged for this loan.