Can You Finance a Car with No Credit or Bad Credit?

Do you need a new car for your Long Island City commute but your credit is not ideal? Or are you a first-time car buyer with no credit? You may think it’s impossible for you to apply for a car loan, however that’s not the case! You can finance a car with no credit or bad credit. While you may have extra steps to take in the financing process, you can still easily apply for a car loan at your local Queens dealership. Learn more about bad credit car finance with Major World, then contact our finance center when you’re ready to start the car buying process.

Financing a Car With Bad Credit or No Credit

Before you finance a car with bad credit or no credit, you should familiarize yourself with the car buying process and be prepared to pay a higher rate than someone with an ideal credit score. Review our other car buying tips below to see how to navigate the car buying process with bad credit or no credit.

Don’t Assume The Worst

Buying a car can be an overwhelming process, and after looking at prices and payment plans, you may feel like you won’t be approved for a new vehicle because of your credit score. However, there are many financing plans available to Brooklyn drivers with good credit, bad credit, or no credit. Ask your dealership what options are available to you.

Begin Improving Your Credit Score Before Applying

Building up your credit even a little bit, or showing improvement in your credit score will help you in the car buying process. Start with paying off any outstanding debts or small loans. Then use your credit card on small things (like gas or groceries) and immediately pay off the bill to help improve your credit score immediately.

Apply for Loans in a Smart Way

When you apply for financing, your credit score can be affected. In order to mitigate the negative effect on your credit score, apply for all your loans within a 14-day period, and make a decision as quickly as you can.

Don’t Accept An Offer Without Researching First

Don’t feel pressured to accept the first offer you’re given because of your credit score. Many dealerships work with multiple lenders, so it’s worth doing the research to see which one will offer you the best price. You can also consider using a third-party lender or getting a loan through your Bronx bank.

Understand You May Have a Higher Payment

If you have a bad credit score or no credit score, you may have a higher interest rate, a larger down payment, or both. If you continue to improve your credit score by making your vehicle payments on time, you may have the option to re-finance your vehicle for a better interest rate.

Apply For Financing at Major World!

You can easily finance a car with no credit or bad credit at Major World! Our finance team will work with you to find the right bad credit car financing plan for you and help you get the vehicle you need. Apply for financing online to begin the car buying process, or contact us if you have any questions about financing a car with bad credit or no credit.