How can I get approved for a car loan without a credit application?

July 14, 2010 - PRLog -- If you have any experience in the area of bad credit, no credit or new credit car loans you probably are aware they all require a credit application to be submitted. Can you get approved for a car loan without a credit application or even a credit check? The simple answer is "yes", but you should be aware of certain conditions as well as contract stipulations that are involved. In a nut shell you are requesting a car loan from $5000-$10000 from some one who is a complete stranger, for them to be able to trust you will pay them back without a credit check is contradictorily in terms. So instead of a credit check, these loan providers will usually approve your application with a small amount of down payment. But if you really think about it, it is not that bad, if no one else would even take a chance on you to offer you a loan to begin with it sure beats taking the bus right?

Some of the added stipulations on the contract can include things such as additional GPS locator to be installed on the vehicle, in case you default on the payment the vehicle can be repossessed quickly and effectively. It is one way the creditor can be assured their investment will bring a return at the end of the term. Other conditions on the contract can include such things as you are the only allowed driver for the vehicle, or higher interest rate will apply if payment is late or missed. But looking at the big picture taking on a bad credit or no credit car loan will benefit you in the long run. It is the only way you can proof to the bank you are on your way to be a financially responsible citizen and will be able to take on more responsibility in the near future.

Bottom line in this story is not to be over concerned with interest rate or the type of vehicle you can get, as long as you can be approved for a car loan that will be the only hurdle you are facing with. With good repayment history you will be able to get a lower interest rate as well as higher loan amount, but all these things take time, so be patient and everything will work out in the end.

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