Get a Car Loan With No Credit
How to Get a Car Loan With No Credit in Calgary, Medicine Hat and Surrounding Area
Shopping for a new or used vehicle with no credit can be tough, and not many lenders are willing to finance someone with no credit history. However, most people cannot afford to pay for a new or even used vehicle in cash, making it difficult for them to get the wheels they need to get from point A to point B. If you’re like most people, and if you need a new vehicle, you need to look into no credit car loans. Here is what you need to know about getting the best loan for your credit situation:
Establish Credit Before You Shop
If you have a little bit of time before you need to invest in a new or used vehicle, take some time to begin a credit history. Take out a major credit card from your current bank. Ensure you pay off the amount of credit monthly. If applicable having utility bills in your name that are paid on time will also allow you to establish credit. Even a month of timely payments can make a difference in establishing your credit.
Save for a Down Payment
In addition to establishing your credit, start saving up for a bigger down payment. The more money you put down up front, the less you’ll need to borrow, which means better terms and rates.
Get a Co-Signer
If you are able to have a friend or family member with good credit sign as a co-signer on your loan this will almost ensure your ability to secure a car loan.
Shopping for a car with no credit can be a headache, but there are ways that you can make the process a little easier on yourself. Start with establishing your credit, save for a down payment, and if possible get a co-signer to get a no credit car loan you can afford.
Driveline Auto is located in Calgary, Alberta and also serves Medicine Hat, Lethbridge, Red Deer, Edmonton, Camrose, Okotoks, Airdrie, Lloydminster, Brooks and surrounding areas.