No Credit Car Loans
No credit car loans are available at reasonable rates with Auto Credit Approval in Red Deer. Since 2004 we have been financing car loans for people in the Red Deer area with no credit. If you reside in the Red Deer area then you should consider our no credit car loans.
No credit car loans are for people who haven’t had anything in their name to indicate their credit worthiness. No credit car loans are also applicable for people with bad credit caused by late payments or loan defaults. Credit risk determines the interest rates with no credit car loans.
People fresh out of high school or college may not have had a chance to build their credit yet and are considered to have no credit. Although having no credit history isn’t the same as having bad credit it can still be a problem when applying for car loans. At Auto Credit Approval we welcome people with bad or no credit to apply for our no credit car loans.
No Credit Car Loans Tips
It is easier to get a no credit car loan than a bad credit car loan, and your interest rate probably won’t be as high. Having no credit history, or a limited history, does not automatically mean you can’t get approved for car loans at a decent interest rate. There are things you can do to show you are financially responsible and stable prior to applying for no credit car loans.
If you don’t have a bank account in your name yet, open one. Your account history can show proof of income and that you haven’t overdrawn. Likewise, a phone number in your name and other utilities and proof of payments on them can build your credibility. Minor details like these have a major effect on the interest rates charged on no credit car loans.
A stable, long-term employment and residence history can also show you are steady and reliable. Proving you can hold a job and don’t move around will also reduce your risk to lenders. Are you currently paying back a student loan? You may not know it, but payments you make on your loan are reported to credit bureaus, so as long as you make your payments on time, you’re building your credit.
Another way to change no credit is by getting a credit card or gas card. If you aren’t able to get approved for a credit card, consider applying for a cash-secured credit card from your bank. Whatever card you get, make sure it is one that is reported to Credit Bureaus. Once you have a card, it is vital that you pay on time. It is usually easier to get a credit card after getting no credit car loans.
No Credit? Apply Now
Do not let no credit hold you back. Give us a call or use our fast, secure credit application for no credit car loans