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

ADVERTISING DISCLOSURE

ADVERTISING DISCLOSURE:
Credit-Land.com is an independent, advertising-supported web site. Credit-Land.com receives compensation from most 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. Credit-Land.com 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

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.

Disclaimer: This editorial content is not provided or commissioned by the credit card issuer(s). Opinions expressed here are the author's alone, not those of the credit card issuer(s), and have not been reviewed, approved or otherwise endorsed by the credit card issuer(s). Reasonable efforts are made to present accurate information, however all information is presented without warranty. Consult a card's issuing bank for the terms & conditions.
All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.
Add to Favorites:
Get the latest news, articles and expert advice delivered to your inbox. It's FREE.

Related Research:

Credit Card Tips For Holiday Shopping 2017

Credit Card Tips For Holiday Shopping 2017

Posted: November 27, 2017

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
How to Earn on Black Friday Deals in 2017

How to Earn on Black Friday Deals in 2017

Posted: November 23, 2017

Black Friday is around the corner! Ready, steady, go! But before you go on a shopping spree to catch the jaw-dropping deals and discounts, make sure you maximize them. Did you know that you can not only save on Black Friday, but also earn? ... Continue reading
Autumn 2017: Best Rewards Credit Cards for Thanksgiving Shopping

Autumn 2017: Best Rewards Credit Cards for Thanksgiving Shopping

Posted: November 20, 2017

Thanksgiving is coming, and whether you are hosting a meal or coming as a guest, your spendings are going to accumulate faster than you can notice. A holiday feast is a costly matter – each year Americans spend around $50 on a Thanksgiving ... Continue reading