Can I Finance a Car With No Credit?

There are some differences between financing a car with bad credit and financing with no credit. For Hoover drivers, depending on your situation, your experiences will be different if you choose to go through a bank or labor union instead of a dealership. A few things for all Bessemer drivers with no credit or bad credit trying to finance a car should know:

• Expect an Uphill Battle: Drivers with no credit will have a larger down payment and a higher interest rate. For those with bad credit looking to finance a car, these higher payments are worth owning a car.
• Come to the Dealership with Confidence: Knowing your financial situation as opposed to being in the dark will increase your odds of being approved
• Know Your Credit Score: Know your score and spread out credit applications over a 14-day period. Multiple applications over an extended period can be seen as a credit risk.
• Be Ready to Negotiate: Know that it benefits the dealership to sell you a car as opposed to holding out. Negotiate for a better offer.
• Consider a Lease: Leasing is less of a risk for the dealership, giving you better odds to be approved if you have no credit or bad credit trying to finance a car