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Can you take out a car loan with no credit?
I don’t have any credit. I didn’t want to get a credit card because I was worried I’d forget about it. But I heard that you can set up automatic payments for a car loan, so I wouldn’t have to worry about forgetting. The problem is that I have no credit. Can I take out a car loan?
Lauren Smith · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
You can still get a
car loan
if you have no credit, although it will probably be more expensive. Be sure to compare offers from multiple lenders before choosing one. If you have no credit history, your chances of getting approved for a loan will be higher if:- You have a cosigner with a good credit history
- You make a larger down payment on the car
- You can prove that you have a steady income
Once you get your car, you’re also going to need affordable car insurance. Download the
Jerry
app to compare cheap quotes from over 50 insurance providers.View full answer
- Gregory R.
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