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How do you get a car loan without credit history?
What do I need to do to get a car loan? I’m about to turn 18 and I want to buy a car without my parents’ help so that I can get to work more easily. I don’t have credit, so I’m not sure how to go about getting a car.
Liz Jenson · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
While it can be a little more difficult to get a car loan without credit, you do have options! Here are some things that you could try:
- Some lenders work specifically with borrowers who don’t have credit.
- If you’re a student, you may qualify to use other factors (like income, down payment amount, and GPA) to determine your loan rates.
- Check your local credit unions for lending options. Credit unions are often much more willing to work with people with low or limited credit. They also tend to offer flexible rates, which will be helpful to you.
- If you can,find a cosignerwith excellent credit. This will give you more options and better rates than signing a loan by yourself.
- Try to save for a largedownpayment, too. This will earn you better rates from most lenders and will increase your chances of getting approved.
While you’re shopping for the best car loan, why not take a moment to shop for better insurance rates, too? It’s quick and easy when you use the
Jerry
app! Just download the app and answer a few questions to see your policy options in a comprehensive list. When you find a quote you like, Jerry can help you cancel your old policy and sign up.MORE: What is a good credit score for a car loan?
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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