Getting A Car Loan With No Credit History - Knowing The Eligibility And Process

Aug. 13, 2012 - PRLog -- Obtaining auto loans with zero credit history is no longer that difficult as it used to be before. There are lenders that specialize in providing auto finance loans to borrowers who have no credit and they have complete understanding of the financial situations faced by applicants. Nevertheless, the rates of interests provided by a majority of them could be much higher as compared to those being offered on other conventional type of car loans. This is understandable as dealerships perceive risks when dealing with people whose credit reputation is not that desirable. But still one may qualify for interest rate which is fair for his or her financial as well as credit circumstances by taking few governing factors into consideration. Here is some crucial information pertaining to the same which readers may find useful in their effort to find the best deal.  

Visit: http://www.autodriver.com/no-credit-car-loans.html

Before you are out to search auto loans for people with no credit history, it is necessary that you knew the basic eligibility guidelines which most of the loan dealers will expect applicants to satisfy. To that effect, make sure that you are resident of the U.S. and are over 18 years in age with a valid driver’s license. Furthermore, lenders will prefer borrowers who have at least a part time source of employment with a minimum monthly income of $ 1,500. After all, lenders will assess the loan repayment ability of the borrower before approving his application. Applicants who meet these conditions need to get a list of documents readied for supporting their qualification claim. Lenders will examine the proof submitted to decide eligibility and grant approvals almost instantly if the basic requirements are met. This will save borrowers lot of time and energy.            

In any case, to secure the lowest possible interest rates on car loans for people with zero credit history, it could be better if applicants considered paying a large down payment or alternatively, thought of getting a credit worthy cosigner to back their loan. Such propositions tend to reduce the lending risks contemplated by lenders and help borrowers to qualify for rates which they can afford to spend on their car every month. However, for securing the most affordable deal, it could be essential for an applicant to get numerous free non-binding quotes from different lenders and compare them by either using an online auto loan calculator or some reputed comparison website. The entire process could be challenging and time consuming as a result of which it could be desirable for applicants to think of seeking help from some car finance service.

AutoDriver is America’s premier automobile finance service which has been in car financing industry for more than seven years. Till date the firm boasts of helping thousands of borrowers in securing approvals for affordable auto loans regardless of their credit histories. Customers, who are interested in checking their eligibility for poor credit car loans, may visit their website.