Tuesday, October 26, 2010

Auto Loans – What to do when No Credit

At very first, you have to keep in mind that almost everyone has credit.

So, as Very First Step, should be to order a copy of your credit report and see just exactly what you're working with. Your score may be higher than you think, and you might not have any issues and as vice versa your score could be lower as you think, and then you have to do a little bit more planning.

If you are younger than age 18 and have no credit history, most of banks or dealerships probably won't finance you as because it’s very common that just too risky for them to give auto loans for no credit history.

The good news is that the lower the loan amount, the less they will care about your credit history; especially if you can prove that you make enough money to afford the loan.

So just figure out which your credit scores actually is, decide on a monthly budget to show what you can afford to pay for an auto loan, and start shopping around. You might be surprised what you're able to find.

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