Applying for a car loan
with little to no credit can feel daunting. Fortunately, you can be approved for a car loan without a credit history, but your options may be limited. Credit score and history are heavily influential in determining if you qualify for a car loan, how much you can borrow, and what your interest rate will be. However, many people, especially college-age individuals, have little to no credit history and will have to find a lender who works with any credit profile.
To find a lender willing to work with you, you should shop around and explain your situation. Ideally, you will find a few willing lenders and can compare offers to find the best rate.
To increase your chances of being approved for a car loan, it helps to:
Make a sizeable down payment
Have steady employment and income
Once you have been approved for a loan and found the vehicle you want to purchase, you’ll also need to purchase car insurance
. If you want to save money on car insurance, the Jerry
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