Getting a Car Loan With No Credit is Easier Than You Think

Get Car Financing
Even with poor credit.

By

Contributing Writer

Steve Cypher is a contributing writer for CarsDirect.com and Senior Editor for Lotpro.com. When not covering the latest automotive news or reviewing vehicles, Steve calls upon his years of experience selling cars to explain the car buying process and all things subprime at AutoCreditExpress.com.

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, Contributing Writer - September 14, 2018

If you lack a solid credit history, you may still be able to get an auto loan. Depending on your current employment and residence situation, it might be possible for you to qualify for a no credit car loan. But first, you have to do the necessary research and make sure you're working with a car dealer that has experience in handling borrowers without a credit history.

See if you qualify for a no credit car loan >>

If you're considering a no credit car loan, there are some preliminary steps you can take to make yourself a better candidate:

  • Establish a checking and savings account – Lenders like to see a stable financial background. Borrowers with an established relationship with a bank or credit union are seen as responsible. Just be sure you haven't overdrawn your account at any time in the past.
  • Apply for a credit card beforehand – You can use and maintain a credit card to build up some credit history before applying for your auto loan. Gas and department store cards are generally easier to get. If you don't qualify for a traditional credit card, you can get a secured credit card, which requires a deposit. It's important to make sure that the card issuer reports to a credit bureau. Otherwise, this won't help you build up a credit history.
  • Maintain a steady background – Applicants with a steady employment and residence history will score higher with lenders. Having a utility and phone number in your name is almost necessary if you have no credit history.
  • Have a cosigner ready – Without an established credit history, you'll have a much better chance at getting approved if you have someone with good to excellent credit willing to cosign your car loan.

CarsDirect No Credit Car Loan Services

CarsDirect may be able to help you with your no credit car loan needs. We work with a network of dealers who specialize in this area of financing, and we'll connect you with one in your local area. These dealerships has access to a number of financial institutions and will shop around to find financing for you.

Simply fill out our quick and easy auto loan request form to get the process started today. The service is free and absolutely no obligation is required.

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, Contributing Writer

Steve Cypher is a contributing writer for CarsDirect.com and Senior Editor for Lotpro.com. When not covering the latest automotive news or reviewing vehicles, Steve calls upon his years of experience selling cars to explain the car buying process and all things subprime at AutoCreditExpress.com.

Follow On: Twitter | Website

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