Can You Finance a Car with No Credit?

Calculator with LOAN written in screen sitting on top of money The answer is yes! While it might be more difficult, it isn’t impossible. Learn more about no credit car loans and even financing a car with bad credit with us at Sam Leman Chrysler Jeep Dodge Bloomington before coming in to talk to our finance department for a loan of your own.

Financing with Bad or Even No Credit

One thing to keep in mind when you’re financing a car with no credit is that you may be required to make a larger down payment and your interest rates may be higher. This makes setting a budget before you visit a dealership even more important. Additional tips to secure financing include:

  • Ask questions. If you get an initial financing offer, you may feel that you have to take it because it’s your only option. That may not be the case. Ask questions see if there are other options that would better benefit you.
  • Revive your credit score. If you know you will be car shopping soon, take proactive steps to boost your credit. Use your credit card on small purchases and make sure pay it off immediately.
  • Know your budget and your credit score (if you have one). When applying for financing, your credit score can take a hit. Keep all of your loan applications within a 14-day period to limit the potential damage on your score.
  • Separate price negotiation from financing. Many dealerships work with multiple lenders, so see if they can find you another option.
  • Be prepared for a higher cost. You may receive higher interest rates, a larger down payment, or both if you have no credit.
  • Leasing might be a better option. If you are having problems securing affordable financing for buying, take a look at leasing. Payments might also be higher than the average with a lease, but cheaper than attempting to purchase a vehicle.

Apply for a Loan at Sam Leman Chrysler Jeep Dodge Bloomington

The Jeep highlights from the 2019 Chicago Auto Show have drivers everywhere looking for their chance to buy! Whether you have no credit or bad credit, the Sam Leman Chrysler Jeep Dodge Bloomington finance team makes obtaining a loan as easy as possible for you. See our bad credit car finance options, leasing options, and more when you make the trip to Bloomington. You can also apply for financing online to get pre-approved today. Contact us with any additional financing questions.

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