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April 4, 2008, Newsletter Issue #72: No Credit Car Loans
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Tip of the Week
Having no credit can make it difficult for consumers to obtain car loans. It is a tricky situation: the lender wants to see a credit history, but the borrower can't get anyone to finance a loan to begin with. Borrowers with no credit history will have a better chance of getting financed for a car loan if they have a job with a steady income and have some savings in the bank.
Auto lenders understand that everyone needs to start somewhere, but things like a steady income and some savings in the bank tip the scales in favor of the borrower as being a good credit risk. Applicants who have no credit history, no savings in the bank, and who have sporadic work histories are less likely to obtain financing. When obtaining your first auto loan you should expect to pay a higher interest rate than you would if you were a seasoned borrower. You need to prove to the auto financing company that you have the capability and intention of making timely payments each and every month, and until you can do that it is unlikely that you will be able to expect lower interest rates. After you have paid on your auto loan for several months, however, you can apply for a refinance at a lower interest rate and as long as you maintain an excellent payment history with all your credit you may never have to pay high interest rates ever again.
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