Which No-Credit Car Loan is Best for You?

If you have little to no credit, it can be difficult to secure a loan to buy a car. Unlike bad credit, which might make lenders question your reliability, having no credit means that your history of borrowing loans and repaying them on time is unestablished or thin. In these cases, lenders might deny your application just because they don’t know enough about you. If this describes your credit situation, you still have options for getting an auto loan, so let’s look at how you can still get behind the wheel of a car today.

Getting a Loan From a Bank or Credit Union

If you have an account with a bank or credit union, you might be able to secure an auto loan directly from them. These institutions have a clear picture of your financial situation, and may be able to offer you a loan. Your interest rate will likely be higher than someone with good credit, but you should also check to see if your bank has special financing offers for people with no credit. Plus, when you get pre-approved for a loan at a bank or credit union, you can shop without worrying about doing all the paperwork after.

Finding a Loan Through an Online Lender

There are tons of websites that will offer to give you a loan, even with no credit. While these services do work quickly, you should always be careful and thoroughly check customer reviews before applying. Always research the lender before sending them your personal information.

Beware Higher Prices From Buy Here Pay Here Dealers

When you can’t find another way to get a loan, some dealerships will offer to lend you the money for a car themselves. This might seem like a good deal, but your rates will almost certainly be dramatically higher than with a traditional lender, and the dealership might even charge more for their cars on top of that. If you’re worried about finding a loan, we can help you before you go to a potentially predatory dealership.

Get Guaranteed Financing at PA Credit King

At PA Credit King, our expert financing team gives you a 100% guarantee that we can find you a loan, even with low or no credit. We’ve worked for years to establish relationships with tons of different lenders in the area, and can use those connections to quickly find you a loan that works with your credit and your budget. Even if you’re a first time buyer, we’ll get you the auto loan you need to start driving today. It’s easy to apply for financing with us thanks to our online application, so fill that out now. We’ll get you pre-approved for an auto loan as quickly as possible and then help you find the perfect car for your life today.