Can You Finance a Car with No Credit?
The answer is yes! Although it may be a little more difficult to secure car financing with no credit, it is definitely possible. We have plenty of information regarding no credit car loans and even financing a car with bad credit at Jeffrey Honda. Talk to our finance department about a loan of your own today.
Financing with Bad or Even No Credit
When you’re financing a car with no credit, remember that interest rates will be higher and a higher down payment may be required. Go in knowing your budget and leave some wiggle room. Keep these helpful hints in mind:
- Ask questions and don’t assume you won’t be approved. You may see a financing option that you feel is the only one you can take, but you do have options. Ask questions, like if there are other alternatives that would be a better choice for you.
- Upgrade your credit score. If you have bad credit, build it up before you begin the car shopping process if you can. Use your credit card for small purchases and pay it off right away. This will boost your score in no time.
- Know your budget and your credit score (if you have one). When applying for financing, your credit score can take a hit. Keep all of your loan applications within a 14-day period to limit the potential damage on your score.
- Separate price negotiation from financing. The first offer isn’t the only one. Many dealerships go through multiple lenders.
- Be prepared for a higher cost. It is likely that the interest rate on your loan will be higher, and you may need larger down payment if you have no credit.
- Leasing might be a better option. Consider the benefits of leasing. Leasing can be a great option if your credit is less than ideal. These payments might also be higher than the average lease, but cheaper than attempting to purchase a vehicle.
Apply for a Loan at Jeffrey Honda
At Jeffrey Honda, our finance team makes obtaining a bad credit car loan hassle-free. See our bad credit car finance options, leasing options, and more when you visit our Roseville dealership. You can also apply for financing online to get pre-approved. Contact us today for more information.
More From Jeffrey Honda
Grosse Pointe drivers in search of a capable SUV with a wealth of eye-popping color selections, both inside and out, can turn to the 2020 Honda CR-V. This efficient crossover offers an array of ten exterior colors ranging from refined to head-turning as well as three elegant interior color choices. With a large swath of distinct…
If you’re looking for a reliable SUV to keep you safe as you make your way through Grosse Pointe and St. Clair Shores, then the 2020 Honda Pilot safety ratings are sure to impress. With an advanced collection of safety features and a design that’s built with safety in mind, this Honda SUV has everything you need to stay…
Many Grosse Pointe and St. Clair Shores drivers looking for a great reliable sedan that has all the technology, safety, and amenity features you expect should check out the 2020 Honda Civic Sedan interior. No matter which trim level you have your eye on, there’s plenty of features to meet your needs. Step inside and take a closer…