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Posts Tagged ‘Auto Loans’

Getting an auto loan is itself very difficult but if you have no credit history then it can be a real problem. A recent college graduate or a high school teen cannot possibly have established credit history and in case of getting an auto loan where a loan provider ask for adequate past record would be impossible. Credit companies who make their credit decisions by judging a person good risk or bad risk by going through the credit history will be reluctant in providing an auto loan to a person who never went for credit in past. A recent immigrant would likewise be rejected because of having no credit history. However there are some ways that can help an individual to secure good auto loan without showing credit history.

Most of the known auto loan lenders refuse to provide you credit of you fails to show them adequate credit history. A borrower in that case must always have some good credit score to show but in some case it is impossible. A recent college graduate, a new immigrant or citizens returning to their country after a long time cannot possibly provide with credit history. There are few ways in that case to get an auto loan with no credit history. The easiest way is to look around for the lenders who provide credit to bad credit or no credit individuals. Due to the influx of lenders and competitive environment, more and more lenders are now willing to lend to even those who have no prior credit history.

You can also provide with some additional information when filling the application for applying for loans. One can make themselves look credit worthy by showing the personal assets or high bank balance. The auto loan lenders are more than willing to provide loans for the people who prove them as credit worthy and being assured that the loan will be repaid. Also there are some lenders who provide loans especially to school going or college students and do not require showing any credit history.

You can also talk to your car dealer who can easily link you to the new lenders in the market who do not require showing credit history. In some cases your car dealer itself would be willing to provide with an auto loan without the need of showing past credit records. Though this might cost you with higher interest rate but it will save you from the rejection from the conventional lenders.Though it seems impossible to get a car with no prior credit records but with little research one can find good lenders who equally provide loans with best bargains. It’s the matter of doing some research.