How to Go About Buying a Car with No Credit

Whether you are a young teen or someone who has just never had a credit card, you may be wondering how to purchase a car with no credit. Contrary to what you first may think, it is not impossible to buy a car without any credit history. While most car dealers do want to see that you have established credit history of some sort, we can work with you to get you in a vehicle while still offering you financing to buy a car without credit history at our dealership located near Leamington, ON. There are some ways in which you can solidify your car purchase without any credit if you use the tips outlined here.

Consider Using a Co-Signer

When you use a co-signer to apply for auto financing, dealers view this in a very positive light. Dealers view those loan applicants with a co-signer in a positive light for the following reason:

• The co-signer pays if you miss a payment.
• The dealer has assurances that payments will be made.
• If all else fails, a co-signer pays the entire balance left.

A co-signer can be just about anyone. If you are a young teen, then you may want to ask one of your parents or relatives to serve as a co-signer. An older sibling could also serve as a co-signer if he or she has good credit history. The dealer will run a credit check on any co-signer that you choose, so it is important to have a vague idea of the type of credit history that your co-signer has.

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Allow Us to Help You

If you are able to find a co-signer who will help you or not, then we will be able to provide you with auto financing in Ontario. Because technically there is a greater risk in providing financing to you, there may be a higher interest rate on the loan but we will make sure that it will be as low as possible. You can minimize any increase in the interest rate for a loan by trying to maximize the down payment that you make on a vehicle. If you can offer a significant down payment on a vehicle, then this may enable us to offer you financing options with lower interest rates. You may also be able to lower the interest rate on an auto loan by choosing to purchase a more affordable used car from our dealership. We can help you with just one application to get the vehicle and financing that you want even with no credit score.