Loan with no credit


buy a car with no creditPhil Reed, senior consumer advice editor for consumer auto site Edmunds.com, said a surprising number of people who aren’t sure of the answer to that question go to dealerships and essentially say, “Hi, I have no credit, and I want to buy a car.” It’s not an approach he recommends.

Instead, he suggests trying to get pre-approved for a loan before walking through the door. But even that could be more complicated than it seems. “You have to choose the right car and the right amount (to borrow), ” he said. What you are looking for is reliable transportation you can afford. So your initial shopping may start at your computer.

Looking To Refinance Or Buy a New Car?

Find & Compare The Best Auto Loan Rates For You

If you have a relationship with a bank or credit union, Reed recommends starting there to look for financing. Particularly if you have a “thin” or nonexistent credit file, he advises trying to get an in-person appointment — and bringing pay stubs and any bank account records with you. “Make a case for yourself, ” he said. Edmunds recommends putting at least 10% down on a used car. In addition to reducing the amount you’ll need to borrow, it shows the lender some commitment on your part. (A trade-in could also be used as a down payment, Reed notes.) We also advise checking your credit reports, if they exist, and credit scores. You want to know as much about your credit profile as a lender would.

Reed said that even though a dealership may well be able to beat an offer from your bank or credit union, if you have that loan approval, you needn’t worry about whether you can get approved. You already know you can be — now you can compare rates or negotiate as a cash buyer, focusing on price. You don’t want to feel so indebted to the dealer for “giving” you a loan that you fail to negotiate on the price of the car, he said. And if the dealer’s financing isn’t any better, you have an approval in your pocket.

Interesting facts

  • Credit is the trust which allows one party to provide resources to another party where that second party does not reimburse the first party immediately (thereby generating a debt), but instead arranges either to repay or return those resources (or other materials of equal value) at a later date. The resources provided may be financial (e.g...
  • Microcredit is the extension of very small loans (microloans) to impoverished borrowers who typically lack collateral, steady employment and a verifiable credit history. It is designed not only to support entrepreneurship and alleviate poverty, but also in many cases to empower women and uplift entire communities by extension. In many...

Additional information


How To Get Car Loan With no Credit
How To Get Car Loan With no Credit
Bad Credit Car Loans with No Money Down - FederalAutoLoan.com
Bad Credit Car Loans with No Money Down - FederalAutoLoan.com
How Can I Get a Car Loan with No Credit
How Can I Get a Car Loan with No Credit
How To Start A Business in 2016: 5 STEPS TO STARTING A BUSINESS BY USING BUSINESS CREDIT EVEN IF YOU HAVE BAD CREDIT, NO CREDIT, AND NO PERSONAL GUARANTEE
eBooks (E. Dean Cole)
The SBA Loan Book: Get A Small Business Loan--even With Poor Credit, Weak Collateral, And No Experience (SBA Loan Book: The Complete Guide to Getting Financial Help)
Book (Adams Media)
  • Used Book in Good Condition
Nusenda Credit Union Nusenda Credit Union- Mobile Banking
Mobile Application (Nusenda Credit Union)
  • Expanded, No-fee Transfers
  • Enhanced Alerts
  • Improved Messaging
  • New Money Manager
  • Improved Branch and ATM Locator
  • Consistent Experience across all devices
BullDog Case - FOR/Apple Iphone 5C / - / student life funny quote scales loan money /- Wallet Pu Leather Carrying Case Cover with Credit Id Card Slots Flip Leather Case
CE (BullDog Case)
  • Build in Card Pockets to Conveniently Store IDs and Credit Cards.
  • Single magnetic button closure design : safe, secure,convenient and tightly.
  • Design with full access to all ports and buttons, anti finger scratch and dust. Has a wrist strap.
  • Easy to install and remove, Cherry blossom pattern design makes your phone in fashion
  • All opening, buttons, connectors and speaker position are placed perfectly to give this case a sens
CPS Feather Banner Flag - 11.5 X 2.5 Feet - No Credit Ok - Includes Pole Kit
Office Product (CPS)
  • *No Credit Ok Banner Flag
  • *3-piece Pole Kit
  • *Ground Stake
  • *No wind is required to keep the flags up
  • *Easy to use