What You Need to Know About No Credit Car Loans

Whenever anyone goes to get a car loan, the interest rate amount for that car loan will be directly tied to the individual's credit. However, if the individual does not have a credit history, then determining the interest rate amount can be tricky for a lender. After all, lenders assess a loan risk level based on an individual's previous financial history. If you are trying to get a car loan but don't have a credit history, there are some things that you need to know about your current situation:

You May Have a Higher Interest Rate

Because a lender will be unable to assess the financial risk associated with giving you a loan, chances are good that you may have a higher interest rate on that loan than an individual that has a comprehensive credit history. But don't worry - you will still be able to get a loan. We also offer a wide variety of options for our customers to ensure that they get the best loan arrangements possible for their unique credit situations.

You can Refinance

If you are in a position in which you have to get a no credit car loan, don't worry - you can refinance your loan down the road once you establish your credit history. In many cases, you refinance rate will be lower than the initial loan rate. Speak with a lender to learn more about which options may be best for you.

Other Financing Options

Some of our customers are able to take advantage of other financing options as well. If you are able to secure a no credit car loan, you may also be able to take advantage of other opportunities. For example, many customers have vehicles that they can trade in for a certain amount of money off of the cost of the new vehicle. We value trade-ins based on the Canadian Black Book rate for cars. You also offer ongoing special financing opportunities, such as zero down payment and more. Ask us about current specials that may apply to you!

Convenience

Even if you do not yet have a credit history, consider the advantages of having a car. Some people put off buying a car because they are uncertain about the opportunities that will be available to them when they have no credit history. However, we work hard to provide easily affordable loans that make it possible for our customers to own a car even when they have no credit history.

Apply today for our no credit car loan program or to get started finding the perfect car for your needs today!

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