Can You Finance a Car with No Credit?

Credit History
Are you looking to secure the keys to a new or used car near Daphne? Maybe you’re working on your credit score or you’re interested in financing a car with no credit. Regardless of your financial situation, Southern Chevrolet, Inc. is here to offer guidance and support. Financing a car with no credit or needing to explore bad credit car finance options may feel like a losing battle. That’s just not the case, especially with the help of our expert financiers.

Is financing a car with bad credit or no credit possible? Yes! The process may be a bit more complicated, but you can find an affordable option. Read on to learn more about financing a car with no credit history or bad credit below!

Tips for Financing a Car with Bad Credit or Even No Credit

When you’re considering financing a car with bad credit or no credit, you may be required to put down a larger than average down payment, and your interest rate may be higher than normal. When you’re preparing to sign a bad credit car finance deal, go in with a set budget, and remember these tips:

Don’t Assume You Won’t Be Approved

You may feel like you’re only eligible for unfavorable offers if your credit needs work. Don’t be afraid to shop around with different lenders. Ask lots of questions and find out which options make the most sense for your budget and needs.

Improve Your Credit Score if Possible

Sometimes quick fixes can make a big difference for your credit score. See if you can resolve any derogatory marks or establish a payment plan to pay down your outstanding debts. This will help your score improve over time.

Apply for Loans the Smart Way

Loan applications are hard inquiries and can marginally impact your credit score in a negative way. Put in all of your applications in a 14-day period to mitigate the damage to your credit score.

Don’t Accept Just Any Offer

While it may be exciting to get approval, don’t just jump at the first opportunity to get a loan. Shop around a bit to compare what local lenders have to offer.

Be Prepared for Higher Costs

Since you don’t have a strong credit score to back you up, you may have a higher interest rate and be asked to make a larger down payment. Add these costs to your overall budget when searching for bad credit car finance near Mobile.

Apply for an Auto Loan at Southern Chevrolet, Inc.

Now that you know that no credit or bad credit finance plans are possible to secure, you can turn to Southern Chevrolet, Inc. to find your upgraded model. You can get ahead of the game by applying for financing with our secure form, or you can visit us near Pensacola to explore your options. If you have any questions about auto financing, contact us today! Looking for more car buying tips? Learn about good mileage for a used car!

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