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How to Find No Credit Check Auto Loans

By Edited Jan 17, 2016 1 3

With the flurry of activity in the car business, many people are in the need for no credit check auto loans. Many people need a car and just do not have the credit score to obtain traditional financing. However, they can get financing with a few of these tips. Sizable down payments, collateral, and lots featuring in-house financing can greatly increase your chances of getting the car loan you need.

With poor credit car loans you can expect to pay much higher interest rates than someone with good credit. It takes too long to rebuild your credit to improve the rates you can receive. An alternative to getting the car you need now is to try and follow one or more on the following tips to increase your chances of qualifying for a car loan.

First, you should try and save a sizable down payment. This may be impossible if you are forced into needing a car right away; however, you should plan in advance, if at all possible, to put away some money each week to help secure an auto loan. The larger the down payment, the better interest rate you can qualify for and help get the loan approved.

Secondly, try to secure the loan by putting up a piece of collateral. If you look around you should be able to find something of value that would work to get the loan approved. Another car that is paid for or perhaps a cd or stocks would work. Never use your home as collateral on a car loan. If you have no other assets than you may be able to get a relative with good credit to cosign the loan for you. Make sure you make your payments so you do not ruin your relative's credit. If they care enough and trust you to cosign for you, then you should have the decency to do everything in your power to make your payments.

Lastly, if you can not follow the previous tips there may be one last hope. Many small car lots are using new technology that lets them finance loans themselves and still protect themselves against loss. These car lots will install a box under the dash of the car that requires a code to operate the car. You receive a new code once a month when you make your payment. If you fail to make your payment, the lot can disable the ignition and a gps can allow them to find the car. The drawback of these types of loans is the fact that many of these lots only offer lower priced cars for financing, so you may be stuck with a car that may not be very reliable.

There you have it. Three strategies for landing auto loans with no credit check. Just remember to try to put down as much as possible, look for collateral to use, and think about buying from lots that offer in-house financing. Follow these steps and good luck.

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Comments

Jul 2, 2010 1:33am
kims3003
well written - excellent information nice job!!
Jul 26, 2010 6:36pm
brandon123
In short- if you want to drive a nice car, can easily afford it now, but credit "score" issues have you down, visit www.walkawaylease.com for a solution. Call for more inventory if you don't find what you want!!! And if you are an owner who's having trouble - fill out the info for a call back!!!-B
Sep 28, 2010 8:02pm
mcimicata
Phenomenal article that was definitely well written and informative...I am looking forward to reading many more of this sort!
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