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Get a Loan With No Credit

Essential Tips to Help You Get a Car Loan with No Credit

If you need a car but you have no credit due to it being your first purchase or for any other reason, you might feel like you have no viable options. However, it is possible to get a car loan with no credit, which we at 4UrBudget know very well. Keep these three essential tips in mind to help you buy your car, credit or no credit.

Have a Cosigner

One way to get an auto loan if you have no credit is to get a cosigner to sign with you. This involves having someone you can trust cosigning on the loan, ultimately promising to take over payments if you default on the loan.

Have Paperwork Ready

Finally, it is always best when you are trying to get a car that you bring in your financial documents that prove your income, a history of making on time payments, and more. You may not have a credit report to show off at the dealership but you have references from people who are familiar with your ability to pay. You can get paystubs from your work, past years’ tax returns, and more financial documentation to help prove that you can make loan payments on your car.