Can You Finance a Car With No Credit?

Finance Paperwork with Glasses

Here at our dealership, we strive to ensure that you have an easy time finding the right new or pre-owned vehicle for your Cerritos adventures. We try to offer a comprehensive selection of vehicles and a team of professionals to ensure you can find the right vehicle for your budget and lifestyle. With that being said, is financing a car with no credit possible? What about financing a car with bad credit?

No credit or bad credit car financing is possible! However, it may be more difficult than usual to secure an auto loan. Fortunately, you can work with the finance experts at Lexus of Cerritos and we’ll be more than happy to go over your no credit or bad credit financing options. Find out a more in-depth answer to the question, “Is financing a car with bad credit or no credit possible?” below!

Financing a Car With No Credit – Things To Remember

Financing a car with no credit is certainly possible but there are some nuances you’ll want to keep in mind. Generally, it is more difficult to secure an auto loan but with the right financing terms, you may still be eligible for an auto loan. Before driving around Torrance to secure financing on a car with bad credit or no credit, here’s what you should keep in mind:

  • Higher Interest Rates: If you get approved for financing and your credit score needs some work, there’s a chance that you’ll have a higher-than-average interest rate. The idea is to get financing and once you’re approved, make the payments on time for a while and revisit your interest rate in the future to determine if you can get a lower one.
  • Larger Down Payment: Generally, the more money you have available to put down, the higher your chances of getting approved.
  • It Doesn’t Hurt To Try: If you’ve got no credit or low credit, it doesn’t hurt to try to apply for financing. At our dealership, we’ve worked with all kinds of credit backgrounds and there’s a chance we’ll be able to help you too.
  • Work On Your Credit Score: Before you apply for financing, it may be a good idea to work on your credit score. Pay off any outstanding debt and ensure your credit history is as clean as possible to improve your chances of being approved.
  • Apply for Financing During the Same Time Period: Every time you apply for financing, there’s a chance that your credit score could be deceased. As a result, you’ll want to keep your loan applications within 14 days to minimize the hit on your credit score.
  • Shop Around: Don’t just go to one lender, ensure that you’ve explored all options for financing. Here at Lexus of Cerritos, we make it easy because we work with multiple different lenders to get you the best possible rates and terms.

Explore No Credit & Bad Credit Car Financing Today With Lexus of Cerritos

Sometimes life happens and your credit score isn’t ideal but there’s no need to stress because we can likely help. Visit us in Cerritos or contact us online today to explore our financing options!

 

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