Getting Auto Loans With No Credit
When you need a no-credit auto loan, finding a Waukesha used car dealership to work with can be tough. Customers who need to buy a used car near Waukesha with no credit history should visit Ewald Auto. Our used car lot near you has plenty of experience working with customers who don't have credit. Ewald believes that your lack of credit shouldn't hold you back from your next used car for sale near Waukesha. Let's explore how to get an auto loan with no credit!
How does financing a car work?
Financing a used car is a popular choice. A lender, often a financial institution, will lend you the amount needed to buy a used car for sale near Waukesha. In return, you'll repay the amount of the loan, plus interest and fees, over a specific period of time. Once you have paid off your auto loan, the used truck or car will be yours.
How to get an auto loan with no credit?
Getting a car loan without a credit history can be difficult. Working with an expert Waukesha used car dealer, like Ewald Auto, is a good first step. Our dealership knows how to help customers without an established history of credit. Your credit score is what lenders use to measure your ability to make timely payments. Without a credit score, you are a risky loan candidate in the eyes of a lender. The Ewald Auto network of lenders includes options for all credit profiles. There's no reason to be nervous! Before you visit our dealership to finance your used SUV for sale, consider the following steps.
- Find a responsible co-signer. If you have someone who will co-sign your auto loan, you'll find it easier to finance a used car near Waukesha.
- Make sure you have a stable stream of income. Without a regular paycheck, how will the lender know you can pay off your used truck?
- Place the largest down payment that you can comfortably afford. You'll reduce the amount that you need to borrow at our Waukesha used car dealership. That means you'll pay less interest over the term of your car loan.
- Consider building your credit ahead of time. Getting a secured credit card from your bank, or being added as an authorized user on someone else's card are both great ideas. With time, you'll watch your credit score climb higher and higher.
What is APR on a car?
APR is the annual percentage rate of the cost of your loan. This amount is the fee charged for borrowing money to finance your used car for sale near Waukesha. It includes the interest rate of your loan, along with any loan fees.
What is a good APR for a car?
Every customer has their own unique credit profile, and no two situations are the same. That said, APR rates generally range from 5%-12% annually. The higher your credit score, the lower your interest rate will be. Our used car lot near you will work hard to secure the most favorable rates for your situation.
How to get a car with no credit or cosigner?
Ewald is happy to work with all customers at our Waukesha used car dealership! However, without credit or a cosigner, you'll likely pay a higher APR than a customer with high credit. Having a reliable source of income and a low ratio of debt-to-income can help you get a better rate on your no-credit car loan.
We hope that you find this information useful! When you're ready to shop for your next used car for sale near Waukesha, Ewald is here to help. Visit our dealership today to learn more about our no-credit financing programs!
