If you have bad credit, it can be a challenge to find financing for a new or used car. But with the right guidance, even people with poor credit scores can buy a vehicle.
Credit rating matters when financing a car.
Your credit rating matters when financing a car. The better your credit rating, the more likely you are to qualify for lower interest rates and better financing terms.
A low score could mean paying higher interest rates on your loan as well as having fewer options available when it comes time to purchase your vehicle.
If you have bad credit or no credit history at all, it can be difficult (but not impossible!) to secure financing from most lenders.
Car dealers have access to financing options that you can’t get on your own.
The fact is, car dealers have access to financing options that you can’t get on your own. They have relationships with lenders who are willing to work with customers with bad credit, and they can get you a loan at a better rate than you would get on your own.
No-credit loans are available for those who have never had credit.
No-credit loans are available for those who have never had credit. If you’ve never been approved for a loan, no worries! There are several options available to you.
In general, the amount that someone can borrow with no credit is much less than someone with good or excellent credit. The amount of money that someone can get is also dependent on their income and other factors such as age and employment status.
Don’t assume you’ll be turned down for credit simply because you lack a credit history.
- Don’t assume you’ll be turned down for credit simply because you lack a credit history.
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