Does your credit need work, but you need a new car now? Or, maybe you’re a first-time car buyer with no credit. You may be wondering if it’s possible to finance a car with no credit or bad credit. The answer is yes! It may be a bit more difficult than it would be if you had established credit, but it’s not impossible. Learn how you can finance a car with no credit in this insightful guide from the finance experts at Don Hattan Dealerships.
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. Also, remember these tips:
You might be convinced that a certain financing option is the only one available to you because your credit needs work. That’s not always the case. Ask questions, and see if there are other options that would benefit you more.
If you have bad credit, build it up if you can. Work out a payment plan, and start paying off any outstanding debts. You can also use your credit card on small things and immediately pay it off. This will have your score up in no time.
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 to your score.
The first offer isn’t the only one. You don’t have to accept the first offer you’re given just because your credit needs work. Many dealerships go through multiple lenders, so if you think there’s a good chance you could get a better offer, try for it.
You may receive higher interest rates, a larger down payment, or both if you have no credit or bad credit. Keep that in mind as you go through the process.
At Don Hattan Dealerships, our finance team makes obtaining an auto loan easy no matter the condition of your credit history. We also have helpful car-buying tools to guide you through the entire process:
Having less-than-perfect credit may lead you to believe you can’t get behind the wheel of your dream car, let us prove you wrong. Stop by our dealership in Wichita, or contact us online first. Either way, we can’t wait to help you discover your options for a new ride at Don Hattan Dealerships!
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