What you need to know about no credit auto loans.
If you’re a person who has never established credit before, or you have precious little established credit, you need to know that you can get a no credit auto loan. And while it won’t be as easy as a person with a 750 credit score and a ton of good credit history, it still can get done. This article will help you to know some of the things you may need to do to get the no credit financing you are looking for.
If you are embarking on the journey to getting a no credit auto loan, there are some things you should consider doing ahead of time to improve your chances:
1) Apply for a credit card. Most people start establishing credit with a credit card. Department store cards and gasoline charge cards are probably the easiest to get. But if you have a cosigner available, you can probably get a standard credit card – and if you are a college student you may be able to get one without a co-signer. Make sure that whatever card you apply for that they report to the credit bureaus.
2) Establish a checking account. Opening a checking account with a bank or credit union is a pretty easy thing to do. Many of these institutions offer no-fee accounts so shop around.
3) Establish a savings account. While your opening that checking account, make sure you open a savings account at the same time. You don’t need a lot of money to open the account and it will be convenient to do it at the same time as when you open the checking account.
4) Keep a stable lifestyle. Lenders like people who don’t move around a lot, have a consistent employment history, have utility bills that get paid regularly and the like. So be stable and improve your chances of getting your no credit auto loan.
5) Get a phone number in your name. This can also be helpful as paying the monthly bills on time helps to add to your credit worthiness.
6) Pay your bills on time. This is the most critical thing you can do to make lenders view you favorably. So don’t buy stuff you can’t afford and have problems making payments later on. And pay your bills on time. You’ll be glad you did.
7) Pay the rent. If you rent an apartment, make sure you pay your monthly rent payment on time. You may even ask your landlord to report to the credit bureaus on your behalf if you’ve been a good tenant.
LibertyAutoLoan.com can help you get connected with a lender or dealer affiliate that can help you with your no credit auto loan. Our credit application takes about two minutes or so to fill out. And it’s safe and secure. Once you’ve filled it out, we’ll do our best to get you connected to one or more of our affiliates who will do their best to help you with no credit vehicle financing and car purchasing. At LibertyAutoLoan.com, our consumer connection service is totally free and there is no obligation on your part to work with the lender or dealer we connect you with!