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Auto Loans with No Credit

It is fairly easy to get auto loans with no credit, if a person is willing to shop around and pay a higher interest rate.

The main thing to remember about getting auto loans with no credit is that the borrower will pay a higher interest rate. The selection of vehicles available to a person with no credit will be more limited and the interest rate will be much higher.

Car dealers and lenders are willing to issue auto loans with no credit because they can recoup all or part of the amount lent by repossessing the car. Since the car is collateral to the loan the dealer or lender keeps the title and has the right to seize it if payments aren’t made.

Where to find Auto Loans with No Credit

There are no many places to find auto loans with no credit. Most small and independent used car dealers will make auto loans with no credit. Unfortunately the selection of cars from such dealers can often be limited.

Such dealers may not offer service policies or maintenance on the cars. There are larger dealers that do offer service policies and maintenance on vehicles with auto loans with no credit.

The way to find good deals on auto loan with no credit is to shop around and visit several different dealers. Comparing the deals offered and not letting sales people pressure you into taking the first deal should help you get a good deal.

Getting a Better Deal on Auto Loans with No Credit

There are some ways to get a better deal auto loans with no credit. The best way is to make a large down payment in cash. This will reduce the amount you have to pay and make it easier for the dealer to work with you.

Another good way to get a better deal is to have a vehicle to trade in. To get a trade in you will have to have title to the vehicle which means you can’t be making payments on it. Generally, you won’t be able to trade in a vehicle you are making payments on for auto loans with no credit.

It maybe possible to trade in a vehicle at the dealer you got it from originally. Even then the dealer may reduce the amount of money you can borrow.

What You Will Need for Auto Loans with No Credit

To get auto loans with no credit you will have to present proof that you have a regular source income that will enable you to make the car payments. A regular source of income can be a job, a pension or a government benefit payment such as Social Security or unemployment insurance. The amount you can borrow will be limited by the amount of income.

Some dealers and lenders will also make auto loans with no credit available if a person can prove they have money in the bank. The dealer will probably want to see proof of income in the form of a paycheck or bank statements before making auto loans with no credit.