Are you a first time car buyer wondering what your options are for financing a car purchase? If so you may be scratching your head and wondering if you can secure an auto loan without a credit check. No credit check car loans are an important tool not only for first time buyers, but also for those trying to build or reestablish their credit.
No credit check loans are often made based on the ability to repay the loan, and is decided by income and liquid assets. Those who are gainfully employed and can prove it are the best people to qualify for a no credit check loan.
One thing to realize about a no credit check loan is that the interest rates may be significantly higher than those loans that require a credit check. But if you need to build a history, it is worth paying the extra money to start building a high credit score. Make sure that the amount you are quoted fits into your monthly budget and then make your monthly payments on time and in full.
Just because a consumer is interested in a no credit check loans doesn’t mean that they need to pay huge rates. Make sure to check with the auto dealer, local bank and online to see what kind of no credit check loans are available to you.
Everyone needs to start building credit history somewhere. By focusing your efforts on paying off the loan in a timely manner, you will be taking a very important step towards financial freedom. Use a car loan calculator to see how much you can handle. With a great credit history, you will qualify for lower interest rates on all types of loans including a mortgage, car loans, home equity and even lower credit card rates.