No Credit History Car Financing

bad credit car financing bc

 

 

 

 

 

 

 

 An applicant with no credit history is likely approved withbad credit car financing.  This is simply because there is no credit information on you to rate. Most people will get a credit card to establish or re-establish their credit. But if you are looking to qualify for a car loan, then you could qualify for a no credit history car financing.

Majority of people with no credit history are young adults, maybe working on their first jobs. Sometimes people who suffered a bankruptcy in the past and decided to stir away from acquiring credit for the last 7 years will have a no credit history, or if you’re a new immigrant.  These will all fall under bad credit car financing.  Despite your circustance, all at some point will want to apply for car financing. Most traditional lenders will want a co signer and or some money down. A bad credit car financing for those with no credit history, and with the help of a credit specialist can get you approved for a vehicle.

No Credit History Bad Credit Car Financing

To qualify for bad credit car financing, you will need to be gainfully employed. Your work and home stability are the two main qualifying factors that will qualify you. The longer the employment, the better your approval. Other individual factors will be considered in determining the rest of the loan structure. Then you have vehicle choice and affordability. As a first time buyer, you will want to allot just a small percentage of your gross monthly income to an auto loan. You are after all just establishing credit. Because an auto loan is an installement loan, The impact of you completeing the auto loan with no missed payments are great for your credit rating. Even better than that of a revolving credit which are your credit cards.

No Credit History Car Financing

Getting approved for a car financing for the first time is definetely exciting! The key moving forward would be to monitor your spending and affordability. If you can stay within your means then you can secure a credit rating that will allow you more freedom in the future. To get your approval, complete an application here and for a free consultation just click the link.