Car Loans for People Who Have No Credit History and Wants Car Badly
Advertising Disclosure is an independent, advertising-supported web site. receives compensation from many credit card issuers whose offers appear on our site. Compensation from our advertising partners impacts how and where their products appear on our site, including, for example, the order in which they may appear within review lists. has not reviewed all available credit card offers in the marketplace.
Credit Card Applications » Research » Guides » Building Credit History » Car Loans for People Who Have No Credit History and Wants Car Badly

Car Loans for People Who Have No Credit History and Wants Car Badly

Add to Favorites:
When you want a car really bad, the first thing that comes to mind is getting a car loan. The problem is that not all auto lenders approve loans easily if you are an applicant with no credit history. So what can you do about it? You can borrow some money from friends or empty up your bank savings for the car. Or not buy the car at all. Really hard to give up a lot for a car, or just give up the car, right? Securing a car loan with no credit history is still possible. How? Get online. If you arrange an auto financing online, it will be easier for you to find the car that you want upon approval. Just be warned though. For people who have never obtained a loan or a credit card, obtaining an auto loan will require a lot of learning. So you still have to be alert in everything you do online especially when auto loan lenders will require you a down payment. There are also auto lenders who do not require a down payment. But either way, research more on loans, credit management and online financing. Don`t think that when you are not required of a down payment that you are already qualified for a loan. Sometimes, there are auto loan lenders that will give you something to sign just to get your application approved. Then later on, you will be charged with higher fees but no car. Beware of scams like this. Be sure to read around review sites and check the names of your potential auto loan lender. If possible, get a loan from those whose name is already established. Shopping around for car loan lenders is time consuming but if you put your heart on it, you will be getting the best car loan and the best time to get a new car. In shopping for loans, take the details that are very crucial. Interest rates, requirements, and the legitimacy; these are the three basic things you need to verify. Do not wonder why you are charged with a higher rate than the regular auto loan. Remember that having no credit history means you are still flagged as high risk consumers by lenders. So by now, you are still classified with the bad credit history borrowers. But don't worry, just think of this as your opportunity to create the foundation of your credit history. Car loan is still a big responsibility. Pay your loan principals and interest on time to get your credit history work good. Credit history is very important since it determines your credit score. Credit scores are one of the common basis for future loan and credit card approvals. Though you don`t want a long term credit or this car loan is your first and last credit, don`t make it a reason for you not to pay the loan on time. It is still a part of your credit history which may be used for other reasons not related to credit. Remember that even insurance companies and employers use credit history for their decision basis.

Add to Favorites:
Get the latest news, articles and expert advice delivered to your inbox. It's FREE.

Related Research:

5 Reasons to Get the Capital One Venture Miles Rewards Card

By Herbert Moore, Posted: January 18, 2017

If you’re looking for a great travel rewards credit card—one that offers unlimited earning opportunities, flexible redemption, and lots of perks—look no further. This card from Capital One has you covered. Continue reading

Credit Card Tips For Holiday Shopping 2016

By Herbert Moore, Posted: November 23, 2016

November and December are the busiest months as gift shopping reaches its peak. People rush around looking for the best gifts and the best deals leaving a lot of money in the shops. Holiday season may force you to go over the household ... Continue reading

Credit Cards to Save More on Holiday Shopping

By Herbert Moore, Posted: November 22, 2016

Discounts and special offers are available all year round. Werther you are a bargain hunter or an impulse buyer, make sure you check online discounts and special offers. Also, if you are a cardholder, see if your credit card opens the door ... Continue reading