If you have never acquired a credit card or obtained credit in your name, getting a loan for a new or used car can be tricky. When applying for credit, lenders correlate your potential to repay the loan. To do this, they will quote your buyer credit report. If you have no credit history, lenders may ask that you gain a co-signer, or deny your application. Here are a few tips to help you gain auto loan financing with no credit.
Apply for a Secured or Unsecured Credit Card
Credit Cards For People With No Credit
Before applying for a new or used auto loan, exertion to gain a credit card, group store card, etc. Credit is important; however, getting your first credit card is not always easy. Similar to auto loan lenders, most credit card associates prefer applicants to have previous credit accounts.