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Can I finance a car with no credit?
I don’t have a credit history, but I just moved out on my own and I really need a car. Can I finance a car with no credit, or will I have to get a cosigner?
Liz Jenson · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
That’s great that you’re looking into financing a car! While it is possible to finance a car with no credit, it will be more difficult to find a loan with favorable terms. Your loan’s interest rate is largely based on your credit score, so you’ll typically be offered a high APR. If you can find a cosigner, you’ll likely be offered a much better rate.
You’ll also usually have difficulty finding a lender. However, there are a few places to look for a car loan when you don’t have credit:
- In-house financing at car dealerships
- Independent lenders who specialize in no-credit car loans
- Credit unions
Since you’re already shopping for car loans, you’ll need to shop for car insurance, too. The
Jerry
app can help you find affordable coverage options from 50+ top providers. The average Jerry user saves $887 a year on their car insurance!Hope this helps you to find a favorable loan so you can get your car sooner than later!
MORE: How to get a cosigner for a bad credit car loan
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- Gregory R.
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Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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