Can You Finance a Car With No Credit?

Tiny car with keys

If you have bad or no credit in Glendale but still need to purchase a new car, it is possible to get a bad credit car finance plan that makes it possible to take home a vehicle no matter what your credit score is. It can be difficult to acquire a loan for financing a car with bad credit, but it is not impossible. Learn all about how a no-credit car dealership like Bell Road Mitsubishi can help, and contact our finance department to get the best options for financing a car with no credit available to you as a Peoria driver.

Tips for Financing a Car with Bad Credit

The down payment on your vehicle may be more than average, and generally, your interest rates will be higher if you are financing a car with bad credit. It’s good to be conscious of your budget and still leave some wiggle room. Here are some other tips for financing a car with no credit:

Don’t Assume You Won’t Be Approved

Ask questions to see if there are options able to benefit you and your financial situation from a no-credit car dealership like Bell Road Mitsubishi. You may think that one option is going to be the best for you, but don’t be closed off because you could find something a bit better.

Try to Improve Your Credit Score if Possible

Do your best to improve your credit score. If you have outstanding debts, try to pay them off and work out payment plans. Using your credit card on small things will pay off very quickly, making it easier to get financing even with bad credit.

Apply for Loans the Smart Way

Applying for financing requires a credit check, so your score may take a hit. It’s a good idea to do all of your loan applications within a 14-day period to limit the damage to your credit score.

Don’t Accept The First Offer

If you get one offer, you will very likely get another one. There are multiple lenders that dealerships go through, so you may be able to get a better deal.

Expect Higher Costs

A higher interest rate and down payment will likely occur if you have bad or no credit. It’s important to keep this in mind and plan for that with your budget for the upcoming loan period.

Refinance Car – Financing with Bad Credit

An option that is great for bad credit car financing is to refinance cars after a year. Refinance car options are generally considered by lenders after a year of on-time and consistent payments. This can lower your interest rate to make your car payment more available with no credit car dealerships like Bell Road Mitsubishi.

Get Your Auto Loan with Bell Road Mitsubishi

Come to Bell Road Mitsubishi, and our finance team can help you get a bad credit car loan with ease. Check out our no credit and bad credit car finance options, leasing options, and more for Mesa drivers. Our finance department is made up of experts in every part of the car buying process.

 

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