No Credit Car Loans

No credit car loans are available, but as with all financing you need to know as much as you can about your options before signing anything.

Of course, I should start by saying that if you had some financial history things would be much easier for you. You can easily build some history by getting a secured credit card at your bank. You deposit a few hundred dollars into a savings account, which acts as collateral in case you don't make payments and sets the limit on the card. You then use it as you would any other card. Using this lightly, and paying the balance each month, for at least six months, will greatly improve your situation. When you go to a dealership they will probably try very hard to get you to finance with them. They are often very pushy about this, which is a sign that their interest rates will be very high. It is a rare situation when you really want to do this. Instead, you want to shop around.

With no credit car loans your rates and chances of approval will be much better if you have steady employment. Lenders will ask you how much you make at your job, how long you've been employed there, and how long you've lived at your current residence. It will also greatly help in multiple ways if you have a down payment. If you can pay 10% of your purchase this will show a lender that you are serious and capable of saving money. This will also help because the less money you borrow the less you'll pay in interest. For financing you want to try banks or credit unions you are already associated with. Credit unions are well known for having the lowest rates available. You can also look at online lenders, which is a great and easy way to get a look at interest rates and terms available to you. Do not take the first deal offered, I recommend finding five rates to compare before signing anything.

Shop around, read all the terms, and you'll have no problem finding no credit car loans.