No Credit Car Loans - Even With No Credit History, You Can Still
Get Approved
Even it you have no credit history, you can still get approved
for a car loan. With a car loan, you can purchase your vehicle
and build your credit history. Online car loan lenders make
shopping easy, and you can find low rates compared to
traditional banks.
Get Started
Before you launch into car loan shopping, take a look at your
credit history. Even if you have never opened a credit card
account, you still have a credit history. Regular bill payments
count as well as a checking account. Hint - open a checking
account if you haven't already.
Plan On A Down Payment
With no credit, you get treated much like you have bad credit
with financing companies. To offset the risk of your loan, plan
on putting down a large down payment. You may get away with a
down payment as little as 5%, but 20% will ensure lower rates.
Research Companies
Online car loan lenders offer several different types of
financing. Request quotes from both traditional lenders and
subprime lenders. Subprime lenders provide financing to people
with adverse credit. Usually their rates are only slightly
higher than a traditional lender with few fees.
Evaluate Rates And Terms
To find the best financing for your automobile, evaluate rates
and loan terms by your financial goals. While low rates will
save you money, you will often have a higher monthly payment.
Decide how much you can afford monthly and look for a package
that offers the best price within those figures.
Get Pre-approved
When you have settled on a lender, go ahead and get
pre-approved. By filling out the paperwork online you will save
yourself time and money through reduced fees. Once approved, you
can then go car shopping like a cash buyer. You have the option
to buy through a car dealership or through a private individual.
Think Refinance
Even car loans can be refinanced today. If you find yourself
with a less than ideal loan rate, you can plan on refinancing
your loan within a couple of years. Take the remaining time to
build up your credit history by making regular car payments.
With your approved car loan, you will also be able to qualify
for credit cards to help build your credit score.
To view our list of recommended auto finance companies online,
please visit this page: http://www.abclo
anguide.com/autoloans.shtml.