Getting an approval for a car loan when you have no credit history can often times be almost as difficult as getting a car loan approved when you have bad credit. If you have no credit record then getting an auto loan from high street lender can be difficult. A no credit history is the result you did not take a loan in your life and now when you apply for auto loan lenders do not know about you, your credit report. This can be a problem for your auto loan. Lenders have nothing about you, they do not know about you so they try to avoid this kind of auto loan to borrower.
Now a day, many lenders in the market which are ready to take this kind of auto loan but on their terms and conditions. Lenders think bad credit people and no credit people equal because they do not have any kind of credit history. Borrower can do some kind of job to get the auto loan. Include your length of employment, your current gross wage and your current net wages.
Prepare a personal payment history. Included in this history should be a list of all the bills you pay on a monthly basis which are not reported to the credit agencies. Ask your landlord for a letter of reference. Utility companies will also generally provide you with payment histories. If you have any small installment accounts at local retailers which don’t report credit, ask them for credit statements as well.
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