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Mon, Jul 4th - 4:05AM

How to Get Approved for No Credit Auto Loans?

Credit rating is one of the important criterion that are taken into consideration when processing any application for an auto loan. Hence people with no credit have reason to worry. No credit people are generally those who have just started to build their credit, mostly students. But not having a credit may no longer prove to be a hurdle for securing a car loan without credit.

So college goers or youngsters, who have no credit but have a stable income, brace up! You do not have to be deterred by the fact that you have no credit rating to strengthen your application for the car loan. Simply apply for a no credit automobile loan. If you are thinking of purchasing a new car or a used car and you have no credit history you can actually go for a no credit auto loan. These are not traditional car loans.

How to Avail a No Credit Auto Loan?

Well there are numerous lenders ready to give you that no credit automobile loan. These lenders are taking a risk as they are ignoring the credit scores that you do not have. So be prepared to pay for their profit. They generally depend on the collateral that the customer can put. In such cases the collateral security has to be significant in value.

A college student or a college graduate may not be in position to put in collateral of that value. In that case, a steady source of income will do the trick. You will have to show that you have a source of stable earning sometimes may be your employment and a good character. Visit as many lenders who offer no credit automotive loan services as possible. The lender may charge you a little more rate of interest than usual rates. But mind it they are putting aside the checking your credit rating. The proof of your source of income is to stabilize their confidence in you that you can actually pay off the monthly interest rates of the no credit auto loan.

How to Secure Lower Rates on No Credit Auto Loan?

Take a hint - go and bargain! If you have good bargaining powers, you can readily put it into work to bring down those higher rates of interest. Go for multiple lenders and choose one who gives you the best rates. You also have another choice to opt from. And that is the online car loan services. They provide a hassle- free arrangement for the no credit car loan. All you have to do is go online and fill up a questionnaire and give your details in it. Then will automatically contact you. For that no credit auto loan you are waiting for. These online lenders will give no credit auto loans at flat rates and will take a lot less time than the traditional institutions providing auto loans. Go and just apply!


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Mon, Jul 4th - 4:05AM

Guaranteed Auto Loan - Ways to Get Approved

Are you stuck with your bad credit scores? Are you wondering about how to get the auto loan? It is generally uncertain whether you will get your auto loan approval or not and if you are having poor credit scores it adds to your trouble. In such circumstances, guaranteed auto loan could be the way to your rescue.

When you are trying for guaranteed auto loan, traditional financial institutions and banks are simply out of question. Even the credit unions are not very approachable. Yet you have some options to choose from like private lenders, dealers, online auto financing companies, etc. However, you have to keep the following things in mind:

Down Payment: If you have hefty salary package and enough cash reserve to pay a very big amount for the down payment, then you can level up with the dealer to give you the desired loan amount. In other case, it might be a problem. High down payments reduce the risk that the dealer is willing to take. Hence, he will be willing to give you the loan even when you fall in the 'risky' clientele.

Lenders: When you are looking for lenders, do not be selective. Approach every dealer and manufacture you know. Try to get hold of details of as many car loan programs as possible. Check the advertisements and discount offers in the newspapers, classifieds. You never know which loan program of which lender may work out for you.

Paper-work: A lot of times, more paper work and declarations are required for loan application of this kind. The lenders try to ascertain how much you can actually afford to pay on the monthly basis. They can ask for your pay stubs, credit reports, financial papers, tax clearances and others to get a clear picture of your financial standing. And if you have filed for bankruptcy, then they will also check whether you have permission from the trustees to incur new debts. So it will be convenient for you if you actually keep all the papers together to avoid last minute mix ups.

Interest rates: It is a fact that if you can pay high down payments, the rate of interest will be lower. Interest rate is also one of the reasons to seek as many loan programs and lenders as possible to compare and choose the best deal. Some of the lenders will charge interest rates so high that it is not worth applying for the loan. Moreover, if you have good credit scores, the interest rates are out to be lower. But otherwise the lender will try to take advantage of your position and make you shelve out more.

Collateral: It may happen that you have bad credit. In general, it will be difficult for a person with bad credit to get a guaranteed auto loan. But if the person has asset which he can show as additional collateral, the dealer may agree to bring down the interest rates.

Thus, we see that all is not lost and there are ways to get your car loan with guaranteed approval.


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