Bad Credit Car Loans / Getting A Car Loan with No Credit & bad credit
A lot of people want to know whether it is true that getting a car loan is easier with no credit than bad credit. First of all what exactly is a no credit and bad credit loan? A bad credit implies poor credit rating of a person. It may happen for making late payments, exceeding card limits, skipping payments and declaring bankruptcy. On the other hand, a no credit implies a person with no credit history as is the case with young college graduates who have never taken a loan. The negative effects of a bad credit become apparent when a person wants to take a bad credit car loan.
* The interest payments of a bad credit car loan are higher than a normal one. This is because interest rates depend on the person’s credibility and since the person already has a history of defaulting payments, the lender has risks which are covered by imposing a higher interest rate.
* A bad credit car loan means that the person has a history of debt. The higher a person’s debt to income ratio is, the greater the chance of his defaulting will be.
* A person taking a bad credit car loan cannot declare bankruptcy to write off the loan as in the case of credit card payments and other unsecured loans.
A bad credit car loan is made available to people who have made late or missed payments. But it is much more expensive than a no credit car loan. It is also tougher to get as lenders fear of default payments. Here are a few things you need to remember if you are in the market for a no credit car loan.
* Do open a savings and checking account. This will prove to lenders that you are responsible and you haven’t overdrawn.
* Get a credit card for yourself and make sure you pay up. Department and gas store cards are easy to get and doing this you can have a credit history. A deposit will enable you to get a secured credit card. Make sure that your credit cards are reported to the Credit Bureau.
* Make sure you can show a steady background to your potential lenders. Things like a permanent residential address, employment proof and a phone number in your name are necessary.
Getting a no credit car loan is not easy, nor is it too difficult. Follow the steps below to improve your chances of being considered for a loan.
* Open a saving account and cell phone account in your name.
* The place you work at should give you a statement about your eligibility for a car loan.
* Find someone with a good credit rating to cosign with you for the loan.
When you do get your no credit car loan, make sure that you make timely payments. This will increase your credit rating and make it easier for you to get more loans in the future.
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