If somebody has no credit score can they get a car loan
2007-08-31 11:24:59 · 11 answers · asked by Anonymous in Business & Finance ➔ Credit
Auto finance is what I do for a living and the answer is yes you can.
Find a dealer that advertises Special Finance and go talk to the Manager they will be able to help you.
There are several lenders out there that have first time buyers programs.
2007-09-01 02:58:18 · answer #1 · answered by ? 7 · 0⤊ 0⤋
Yes in the same way that a bad credit rating means that a loan will cost you more. Because car loan companies know that if you have a bad credit rating/score the places where you will be approved for a loan are limited they don't need to be ultra competitive in order to secure your custom so the are a bit dearer. When your credit rating/score is high, the car finance companies know that you can go anywhere so they need to be more competitive with there apr and are more likely to offer you a loan of higher value. Hope this helps Mel
2016-05-18 01:12:19 · answer #2 · answered by ? 3 · 0⤊ 0⤋
Chances are the car dealer will require a co-signer on the loan, someone with credit. My ex had no credit because he didn't own a credit card, they required a co-signer before they would sell him the car because they said he wouldn't be able to get fiananced.
Go and get a store credit card, Target, Macy's, Dillards etc, they will send someone with no credit a card, it's how I started my credit. Purchase something on the card and pay it off, do this for a couple of months, dont' pay the entire bill just pay the minimum due for a couple of months and develop a credit history. Just don't go nutty.
2007-08-31 11:36:13 · answer #3 · answered by Weimaraner Mom 7 · 1⤊ 0⤋
If you could get such a loan the amount would probably be less and the interest a lot higher.
You probably do have a credit score if you have had any loans or perhaps even a bank account. It would be quite low.
You should establish credit in your name either through loans, credit cards, bank accounts, and payment of bills such as telephone.
2007-08-31 11:35:56 · answer #4 · answered by DrIG 7 · 0⤊ 0⤋
The car lender would have to accept other forms of payment history like phone bill, rent, etc. Otherwise I don't think so. Contact a car lender and find out!! Good luck.
2007-08-31 11:30:29 · answer #5 · answered by Brain 4 · 0⤊ 0⤋
Yes, with a larger down payment - MONEY talks loud.
Yet you should consider not using credit
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2007-08-31 11:35:29 · answer #6 · answered by Scraggles 3 · 0⤊ 0⤋
Sometimes dealerships will offer you onsite financing. The interest rate will be high though...15% or more.
2007-08-31 11:32:20 · answer #7 · answered by Anonymous · 0⤊ 0⤋
Not without a co-signer and some money to put down.
2007-08-31 11:37:29 · answer #8 · answered by peanutschik 2 · 0⤊ 1⤋
Sure! If you can show up at a car dealership with $15,000 in Cash- you can buy a $15,000 car. :)
2007-08-31 11:33:41 · answer #9 · answered by Joseph, II 7 · 0⤊ 1⤋
probably with a co-signer
2007-08-31 11:33:05 · answer #10 · answered by Anonymous · 1⤊ 1⤋