Can I Get a Car Loan with No Credit at Affordable Interest Rate?

NEWARK, N.J. - April 10, 2013 - PRLog -- Wondering, “can I get a car loan with  no credit?”. It can be difficult to secure a car loan without any credit history, but not impossible. Generally, lenders want to see that a car loan applicant has a good credit score which is a proof of his financial reliability. Hence people who have not developed any credit history yet may be considered risky borrowers by lenders and hence even if such people get approved for a car loan, chances are that they secure higher rate of interest. But such challenged can be reduced to a great extent if you follow several eligibility guidelines prior to applying.

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Qualifying for a no credit car loan may not be that challenging for people with a long employment as well as residential history. Someone who has worked at the same company since long and also has lived at the same place or residence for many years, may have a better chance for approval. There are also lenders who have first time car buyer programs which could be easily taken advantage of by those having no credit history.

If you are wondering, “can I get a car loan with  no credit?”, you should realize that if you can come up with a down payment or have a cosigner who is willing to help you finance a car loan, you will have a good chance of securing car loan even with no credit history. A sizable down payment shows the lender that you are able to save money and are committed to paying off your loan. Moreover, cosigner is considered responsible for the payment of remaining loan balance if borrower defaults; this gives lender advantage of recovering their money in the event of borrower’s non-payment. Thus if you can come up with a down payment and cosigner who has good credit history, you will most likely find a lender who is willing to work with you and qualify you for the loan.

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If you have been seriously thinking, “how can I get a car loan with no credit?” you should know that you can save money o your auto loan interest rate by simply researching your borrowing options online. On the internet, you can find many no credit car loan offers; by comparing car loan with no credit history quotes online, you could easily locate the quote that works best for your financial situation. However, taking help of a leading online automotive finance service could serve you best in this regard because such services specialize in helping borrowers find the best quotes for their credit situation through its online lending network.