How No Credit Check Car Loans Work

November 13, 2013

So-called no credit check car loans make financing a car possible for otherwise unqualified car buyers. Learn more about the tradeoffs involved.

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Even if your credit score is abysmal, you can still get money towards a car with no credit check car loans. Bad credit car loans can get you quick money regardless of your credit history. The downside of these guaranteed car loans is that the car loan rates are extremely high in comparison to regular loans. Nevertheless, if you need money immediately, car loan approval for a no credit check car loan is very easy to gain.

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The Perks of a No Credit Check Car Loan
No credit check car loans can get you up to $1500 immediately and can be advantageous in that they don't require you to give up much information. You don't necessarily need a background check, and obviously no credit check is needed. All you'll need to provide is proof of residence and a pay stub which proves you earn $1000 or more every month. By taking these documents to a lender, you can walk out with up to $1500 instantly. If you need a quick, temporary cash boost, a no credit check car loan can be a great help.

The High Rates of Car Loans without a Credit Check
If you decide to take a no credit check car loan, just be sure you acknowledge the consequences. These loans are best used for emergencies, when you know you'll be able to pay it back the following month. Attempting to live loan-to-loan with no credit check loans will only land you further in debt. Because of their high interest rates, no credit check car loans can be greatly helpful, but also dangerous. Use with caution and getting a no credit check car loan may be a great aid to you.

Alternatives to No Credit Car Loans
There are some alternatives to using bad credit car loans or car loans that don't require a credit check. If you have a vehicle to trade in for your used car, you may be able to negotiate that with the dealer who you're working with. This can lower the price of the vehicle that you're interested in buying considerably, thereby allowing you to better be able to purchase a car for less money. Additionally, you can talk about in house loans that car dealerships offer which may be much better in terms of the agreement terms.

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