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How can you get a car loan with no credit?
I graduated from college a few months ago and just moved to a new city for a job. I planned to use public transportation to commute to work, but I learned having a car makes more sense. I’ve been shopping for vehicles, but how can I get a car loan with no credit?
Jack Walsh · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Congratulations, those are significant accomplishments, and you should feel proud!
Many students and recent graduates don’t have any credit built up yet, and it can make getting a
car loan
feel impossible. Fortunately, you can be approved for a car loan with little to no credit, but you’ll have to find the right lender.Credit is the primary factor lenders use to determine if you’re an eligible borrower, how much you can borrow, and the interest rate. However, because you have no credit, you’ll have to
shop around to find a lender who’s understanding of your situation. Additionally, to find the best rate, you should compare offers from a few lenders.
To increase your chances of being approved, consider:
Once you’ve been approved for a loan and found the vehicle you want, you’ll also need a
car insurance
policy that has comprehensive
and collision
coverage.To compare quotes and find the best policy for you, download
Jerry
, an insurance comparison app that shops for low prices with over 50 different insurance companies for free. You will get quotes in seconds, can make changes at any time, and if you ever have any questions, agents are just a text away!MORE: What to do after buying a new car
View full answer
- 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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