Can You Finance a Car with No Credit?

December 17th, 2018 by

Credit card in hand
The answer is yes! It may be a bit more difficult, but it’s not impossible. Learn more about no credit car loans and even financing a car with bad credit with us at Riverside Chevy Cadillac before coming in to talk to our finance department for a loan of your own.

Financing with Bad or Even No Credit

When you’re financing a car with no credit, you’ll have to keep in mind that the down payment may be more than the average and the interest rates may be higher. Go in knowing your budget and leave some wiggle room. And remember these tips:

  • Ask questions and don’t assume you won’t be approved. You may find a financing option that you feel is the only one you can take, but that’s not the case. Ask questions and see if there are other options that would better benefit you.
  • Revive your credit score. If you have bad credit, build it up. Use your credit card on small things and immediately pay it off. This will have your score up in no time.
  • Know your budget and your credit score (if you have one). When applying for financing, your credit score can take a hit. Keep all of your loan applications within a 14-day period to limit the potential damage on your score.
Couple signing sales contract for car at dealership
  • Separate price negotiation from financing. The first offer isn’t the only one. Many dealerships go through multiple lenders.
  • Be prepared for a higher cost. You may receive higher interest rates, a larger down payment, or both if you have no credit.
  • Leasing might be a better option. See what the dealership offers in terms of a lease. These payments might also be higher than the average lease, but cheaper than attempting to purchase a vehicle.

Apply for a Loan at Riverside Chevy Cadillac

At Riverside Chevy Cadillac, our finance team makes obtaining the bad credit car loan as easy as possible for you. See our bad credit car finance options, leasing options, and more when you make the trip to Rome or apply for financing online to get pre-approved. Contact us today about what credit score is needed to finance a car, how to trade-in a financed car, and other finance-related questions. Feeling overwhelmed by the car buying process? Consult our car buying checklist, where you’ll find a number of tips to help you navigate the process with confidence.

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