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Can I get a used car loan with no credit?
I want to get a used car to get around, but I’m going to need a loan and have no credit. How can I do this?
Lauren Smith · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
It will be difficult to get a loan with no credit, but you can increase your chances by adding a cosigner. A cosigner is a third party with great credit who agrees to assume responsibility for your loan if you default or stop making payments.
Parents, relatives, and spouses make great cosigners. Avoid asking friends unless necessary.
In addition to adding a cosigner, be prepared to put down a larger down payment to increase your chances of getting the loan. Giving 10-20% upfront can build trust with your lender.
Be sure to shop around with various lenders and inquire about special programs, like programs for first-time lenders or students (if applicable to you).
No matter how you get your used car, be sure it’s protected with the right car insurance by using
Jerry
. Jerry pulls competitive quotes from up to 50 providers so you’re never missing out on the best deals for your coverage level. View full answer
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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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