How to Buy a First Car Without Credit History
- September 1, 2022
- Bad Credit, buy here pay here, Car Purchase Tips
- Posted by Alysia
- Comments Off on How to Buy a First Car Without Credit History
Buying your first car can be a challenging experience. Most first-time buyers don’t have the money to pay for the car upfront. So they need loans to acquire their new vehicle. But in most cases, getting a loan requires a decent credit history and rating.
The good news is that you can still get a car loan even without a good credit history. Let’s look at how you can start planning for that first car.
Pick a Car
The first step in the process is to choose a car that suits your budget and preferences. When you have a vehicle in mind, go through its features. It can also help to know what other customers have to say about it, so take time to research and read reviews.
Choose a Dealership
Without a good credit history, potential buyers need to find a suitable dealership with easy loan approvals. While this could be tricky with poor or no credit score, it’s not impossible. Car N’ Credit supports instant approval of car loans regardless of credit history.
Consider Other Financing Options
The last step in acquiring that first car is finding the financing option that’s right for you.
1. Dealer financing:
While some dealers require a high credit rating, there are dealers that are more flexible. People with no credit history whatsoever can get car loans using dealer financing. Customers simply have to provide their employment history or have someone cosign the loan. If you meet these requirements, you should be well on your way to owning your new car.
2. Get a cosigner:
A cosigner is an individual who will lend their credit history to you. This person is liable to pay off the loan if you fail to do so. Missing a payment will affect your cosigner’s credit rating, so use this option only if you’re confident about paying the dues on time.
3. Alternative credit options:
Getting an auto loan without good credit wasn’t possible a decade ago. But it is now possible thanks to credit scoring formulas like the FICO Score XD. This generates a credit score based on the individual’s cable, utility, and phone bills.
Get Guaranteed Auto Financing With Car-N-Credit
Car-N-Credit provides easy car financing with no credit checks and same-day delivery. Check out the auto loan program which offers a two-year term and guaranteed auto financing. Future car owners are in safe hands with Car-N-Credit.
Head over to Car-N-Credit for your auto financing needs.