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How do you get a car loan with no credit?
I just graduated from college and I want to get a new car for my new job. The only problem is that I have no credit. What do I need to do to find a car loan if I have no credit?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Securing a
car loan
if you have no credit is an arduous task. But don’t get too stressed—many lenders are still willing to work with you if you have a cosigner or if you take a few months to build your credit.While some lenders won’t work with you no matter what, credit unions may still be willing to work with you. However, you may pay a higher interest rate than you would with an established credit score. Some online or third-party lenders may also offer car loans to those with no credit. But their interest rates will likely be high and their terms will be less flexible.
If you’d like to raise your chances for approval, find a cosigner. A cosigner is a person with established credit who agrees to sign on your loan and pay if you default. Having a cosigner with a solid credit score may also result in a lower interest rate, so it’s worth considering.
Finally, remember to negotiate your interest rate. Don’t settle for the first offer your lender makes. Remember that many lenders will also lower your monthly rate if you can provide a larger down payment.
For help finding the best rates on the coverage you need, download the
Jerry
app. A licensed broker, Jerry can help you compare quotes from dozens of top insurers like Progressive and Nationwide. Users save an average of $879 a year on car insurance with Jerry!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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