You have to start somewhere. You could be new to the country and haven’t had the opportunity to borrow money yet but need to drive. As a college student, you need a car but you’ve just barely come of age. Or, perhaps you’ve always paid cash before, but that’s no longer an option for you. As much as it’s not what you’d like to do, you’re searching for no credit car loans. If that’s you, don’t sweat it. When it comes to building credit, everyone starts with nothing in the beginning. The problem is that it’s not easy to get your start. You’d like to get a reasonable interest rate and terms when you’re borrowing money, but you haven’t built the credit history you need for those attractive advertised rates. So, your options at the start are no credit car loans. Unfortunately, there are lenders out there that have given no credit car loans a bad name. You’d like to avoid those lenders, so how do you choose a lender that works for you?
How to Choose No Credit Car Loans
Shop Competitive Rates
The biggest concern with no credit car loans is your interest rate. Some lenders prey on you because they think you’re desperate. They’ll offer you higher than normal interest rates, even though you might qualify for a lower rate. It’s how they make their money – and their bad reputation. Search around for lenders who deal with no credit car loans and compare their posted interest rates. But also take note that you might not qualify for their posted rate either…
You’ll need to get pre-approved for your car loan, likely. The lender will pull your credit report and see how much you can be approved for. The tough part in a pre-approval is fitting the right car into the picture. Older cars are riskier for lenders so they may charge higher rates or offer shorter terms. Newer cars could be too expensive for you to afford. It’s a challenge slotting the right car into your approval.
Find a Reputable Dealer that Does it All
The best bet is a one-stop approach at a reputable dealership like CarUp KC. Finance managers do it all for you – they get you pre-approved, determine which lender will offer you the best rate for the car you’d like, and most of all, find you a car that you’ll love to drive. Instead of messing around trying to find no credit car loans on your own, choose CarUp KC to get it done for you. It’s easy and stress-free!