Jul 11 2017

How to Get a No Credit Car Loan #mini #credit

#how to get a loan with no credit

Things You’ll Need

Financial and professional references

Set up some accounts in your name to prove that you are responsible with your money. Most credit agencies will look favorably upon someone who has home utilities and a cell phone account in good standing. You may be able to get a reference that says you pay your bills on time.

Open a checking and savings account. If you don’t overdraw your accounts or write bad checks, then your bank should write you a reference to help you get a no credit car loan.

Ask your employer for a statement of proof of employment. This document should say how long you’ve been working for this company and the likelihood that you will have this job for the next few years.

Speak with friends and family members to find someone to cosign your no credit car loan. Get someone with a good credit ranking to be your cosigner.

Look for different no credit loan options at various banks and credit agencies. Your bank might be able to finance your loan if you have been in good standing with it for a few years. Ask about the possibility of refinancing your loan for a lower rate after you build up credit.

Make your no credit car loan payments on time. Timely payments will help you build a good credit history and open up more possibilities for loans in the future.

Written by CREDIT