Having no credit history can be as bad as having a poor credit history. Before granting credit, lenders need to judge an applicant’s creditworthiness. If you have no previous creditors, a prospective lender may consider you a high risk and either deny a credit application or offer a high interest rate. This applies to credit cards and automobile loans. Fortunately,there are many options available to those hoping to obtain a vehicle loan with no credit history.
Auto loans are different from other types of credit. If you have bad credit or no credit history, getting a auto loan is challenging job. Thus, some lenders specialize in bad credit or no credit car loans. In fact, auto loans are ideal for establishing credit or rebuilding credit. Unfortunately, if you have never financed a car, some lenders may charge higher fees.
To make your credit score:-
-The easiest way to get a low rate on an auto loan is to establish credit before applying. In some instances, lenders prefer applicants who have previously financed a vehicle.
-An additional approach involves obtaining a vehicle loan with a co-debtor. If you are married, your spouse may act as a co-debtor.To qualify for a low rate, the co-debtor must have good credit.
These are the options available for a no credit history people and no credit history people can get the auto loan with the help of the internet or competetion in the market among the lenders.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment