No credit car loan applicants are often vulnerable to car dealers hoping to pump up profits. If you are in the market for a car loan and you have no credit, be sure to research your options first. Just because you have no credit is no reason to expect that your car loan will carry exorbitant interest rates.
You can apply for a no credit loan at the car dealership. When applying for any car loan, including a no credit car loan you should consider the total price rather than the monthly car loan payment. Before making your no credit loan application take a look at your finances and decide how much you can pay for the car loan. If you focus on the monthly payments for the car loan rather than the total payment price over the life of the car loan your no credit loan may cost more than you planned.
Once your no credit loan has been approved, be sure to make your car loan payment on time each month. If possible, add a little extra to your no credit car loan payment each month for faster car loan repayment and reduced car loan interest over the life of the loan.