3 Things You Need to Know About Getting a Car Loan With No Credit
These days, you almost always need a good line of credit to be approved for a line of credit. While that can be very frustrating for people who have absolutely no credit, it's an obstacle they must overcome. While credit lines don't just build themselves, there are steps that credit newbies can take to establish the line of credit they need to buy the car they want.
You May Pay More
Establishing a good credit score isn't cheap. Expect higher interest rates and down payments. Lenders prefer individuals with large deposits, indicating the ability to save, and those who aren't afraid of high interest rates, showing confidence in timely loan repayment.
Be Patient
When applying for a loan with no credit, it's common to feel desperate and accept the first lender who approves you. However, this impulsive decision can be a costly mistake in the long run. It's wise to shop around and gain approval from multiple lenders. Compare the interest rates, terms, and conditions offered and choose the most suitable option for your budget and needs. Taking the time to research and evaluate different offers can help you secure the best deal possible.
If you want to get a car loan with no credit, be patient and follow the advice above. Eventually, you will establish the credit you need to get the car you want. Here at Mission Approval Centre we have the experience of working with hundreds of people who had no credit and we were successful in getting the car they wanted. Then after 10--12 months of consistently making payments we are able to get them a new vehicle with a lower interest rate. We also have the option of In-House Financing if traditional lenders are not willing to lend initially.
We don't want you to be burdened with negative equity which will only worsen your financial situation and credit score. Furthermore, we want you to build equity in your new vehicle and for those who unfortunately are faced with a high interest rate work with you to improve your credit score so we can get you a new loan and vehicle at a much lower interest rate.
Please begin a relationship with us by filling out our secure online application and let's start your mission to having an "A" credit score!
LENDERS WE WORK WITH
