Have no credit in your name? Don't worry; you can opt for no credit car loans without hassles. With a little help, you can finance a used car and even a brand new car.
Some of you might think, "Why so much fuss about credits?" Well, it is because most of the lenders hesitate in approving loans for such clients. Those who do give, charge a higher rate of interest.
The Savior Credit Card
Possessing a credit card is not always bad! Just one credit card can save you from paying a high auto loan rate of interest. And if you don't have one, then store card or gas card will do. Well, this is about those lenders who want to take a safer side. But, there are no credit car loans lenders out there who are willing to take risk and offer online auto financing to people with no credit history. These lenders specialize in offering loans to just anyone - a bad credit holder, a person who has had repossession recently, or a no credit holder.
Co-Signer To Your Rescue
If you really do not wish to possess a credit card, there are other ways, too, for no credit car loan application. Bring a co-signer along with you. He or she will be required to sign the loan agreement. This is a good way to apply for no credit car loans when you do not want to wait long enough to develop a credit history, as it takes time. You can even be lucky to strike a low rate deal.
When you bring along a co-signer while signing the deal for no credit car loans, keep in mind two things. The first one is that you are the primary buyer of car and hence, responsible for monthly payments. The second thing is that in case you are unable to pay back the loan, the co-signer has to pay up.
There are people who have loans with terrible credit ratings. There are also people who have managed to own a car through loans after being declared bankrupt! If these people can get loans despite their negative financial records, why can't you? Moreover, yours is not a negative record. It's just that you do not have a credit history, that's it. So, apply for no credit car loans today with confidence and drive your dream car!
