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No credit car loans – tips to help you complete your transaction

2019-04-09 Finance No comment

This is a perfect case scenario: you have cleared the driving test and you have saved your dream car for a long time. However, there is a hesitant factor in the air before signing the dotted line of the car loan agreement; it stems from the fact that you don't have any credit history. Your credit history can be a deciding factor in knowing if your loan is approved or rejected. However, many times, there is not enough credit history to begin.

There may be many reasons why a person does not have a credit history. Often, college graduates and teenagers do not have a credit history because they have not had the opportunity to establish a credit history until now.

Another person without a credit history is an immigrant who recently immigrated to a new country and did not apply for a car loan because most of them like to trade in cash. But applying for a loan can be a good thing, especially if you pay your debts wisely and honestly within a clear deadline. In addition, car loans mean you can save the equivalent of a car and invest it elsewhere. If you have just graduated from college or moved to another country, the amount you save may be of great help to you.

So how do you get a car loan without a credit history?

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Find a co-signer

A co-signer is usually someone who adds your name to your loan, so if you default on the loan, you agree to repay the loan on your behalf. As a first-time car buyer, a co-signer with a good credit rating may be an important factor in obtaining loan approval.

The only way to check if you can repay your car loan is to maintain a good credit history. However, in the absence of a credit history, if you are unable to repay the loan, a co-singer with a good record can be used as a backup. Therefore, let the co-signer instill a sense of security in your car lender, he will be more willing to provide you with loan approval.

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Increase the down payment amount

If you are willing to pay a high down payment before using a car loan, the car lender is more likely to approve your car loan. Typically, 20% of the car price is considered a good amount of down payment. However, if the amount you pay is greater than the usual amount of the down payment, you are more likely to start using your car loan. The reason behind this is that the high down payment reduces the overall loan amount and the car lender can secure your payment.

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Find the right loan

Different car lenders may suggest different car loan plans based on your situation. There may be some loan plans tailored to your requirements; some may be designed for college graduates, while others may be offered to newcomers. Keep your eyes open for such accommodation that may be suitable for your loan program.

Being a first-time car buyer without any credit history is not that difficult. There are many car lenders who offer car loans to people who don't have a credit history. Keep in mind the above points and soon you will close your first car loan transaction for your new car.

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