Is It Possible to Buy a Car with Zero Credit?
Anytime you finance a vehicle purchase (new or used), lenders must confirm that you will be able to repay them before they can offer you an auto loan. For most dealerships and auto lenders, this means making a judgment call based solely on your credit. Easterns Automotive’s uniqueness is defined by our slogan, “Where Your Job Is Your Credit.” Unlike many other dealerships, we’re willing to work with people who have less-than-perfect credit scores.
A person’s credit tells the lender if they have a history of responsible borrowing and on-time payments. A bank or credit union will be more apt to approve a loan if a car buyer has a high credit score and has established a pattern of good credit.
What Can I Expect if I Buy a Car with No Credit?
You will have more hoops to jump through if you’re financing your vehicle without a credit history to back you up. Since most lenders can’t easily establish your loan eligibility without a strong credit report, they will often request additional personal information and documentation to determine if you should qualify.
Can I Increase My Likelihood of Being Approved for a Car Loan?
If you lack a positive credit history, there are a few ways you can increase your chances of being approved for an auto loan.
- Save for a down payment to decrease the principal of the loan you’ll need, thereby reducing your loan’s risk to the lender
- Ask a trusted family member or friend (with good credit) to act as a co-signer on the loan
- Get a reliable job with a steady paycheck
- Shop around for a lender who approves riskier loans (i.e., car buyers with little to no credit)
Who Offers Auto Loans to People with No Credit?
- Easterns Automotive has been committed to working with car shoppers who have poor credit or no credit for several decades. We know you’re more than a credit score and are ready and willing to work with you on financing options.
- Credit unions sometimes work with car buyers who don’t have a robust credit profile. Some may offer credit-builder loans to help you purchase your car and build your credit at the same time. The catch is you will need to be a member of the credit union before you can apply for an auto loan.
- Special financing offers are often a route a lender will take with a borrower who doesn’t have strong credit. If you are a student or recent graduate, you may be eligible for special savings that are designed to accommodate young people with no credit history. Lenders may ask for your GPA, income and down payment amount before determining if you qualify.
What If My Auto Loan Has Been Denied by Multiple Lenders?
Car buyers in Maryland, Virginia or DC often don’t have the time to wait for their credit to improve before they purchase the vehicle they need. Easterns Automotive believes having a less-than-perfect credit score doesn’t mean you must miss out on the car you love. We help local car buyers secure the financing they need to drive a car off our lot — no matter their credit score.
Finance Your Auto Loan with Help from Easterns Automotive
Here at Easterns, we base your eligibility for a loan on things like your employment history and income. If your credit score is low or nearly nonexistent, we would like to help you strengthen it.