Under normal circumstances conventional lenders such as banks and credit unions reject any applicant who does not have a credit record. They normally give the reason that in order to borrow a car one needs to have some sort of credit score. However, it is not that car loans with no credit history are not available. These loans, though, are not easy to come by and certain steps have to be taken to get them. The first thing to be done in this regard is to go around shopping for a lender who does business with borrowers who do not have a credit record or ones who have poor credit records.
The number of lenders providing car loans for no credit history or people with poor credit history has increased nowadays. The main reason for this is the number of such borrowers is increasing and lenders are intelligent enough to understand that such borrowers are the norm rather than exception. Thus they are providing the necessary discounts to make sure that buyers walk out as borrowers – this also keeps their business alive and kicking. If the borrowers greater information about their financial status when they apply for the loans they will see that their chances of getting a loan have increased manifold.
While making their applications for auto loan no credit history borrowers can show the property owned by them as well as give details of their income status provided it is good enough. Some lenders can include assets as collaterals in the loan agreement. If the applicant has a good bank balance then the lenders may provide the loan with or without any collateral. If the applicant is working for a reasonable period of time in a good organization it can act in his or her favor when the lenders consider that person for the loan.
There are a few lenders who offer special packages for school students as well as members of the armed forces. Applicants who fall into any of these categories can and should approach such lenders for assistance. It is also worthwhile to save some money before approaching a lender as a borrower without a credit record. For more information on these loans please look up AutoDriver.Com.
The number of lenders providing car loans for no credit history or people with poor credit history has increased nowadays. The main reason for this is the number of such borrowers is increasing and lenders are intelligent enough to understand that such borrowers are the norm rather than exception. Thus they are providing the necessary discounts to make sure that buyers walk out as borrowers – this also keeps their business alive and kicking. If the borrowers greater information about their financial status when they apply for the loans they will see that their chances of getting a loan have increased manifold.
While making their applications for auto loan no credit history borrowers can show the property owned by them as well as give details of their income status provided it is good enough. Some lenders can include assets as collaterals in the loan agreement. If the applicant has a good bank balance then the lenders may provide the loan with or without any collateral. If the applicant is working for a reasonable period of time in a good organization it can act in his or her favor when the lenders consider that person for the loan.
There are a few lenders who offer special packages for school students as well as members of the armed forces. Applicants who fall into any of these categories can and should approach such lenders for assistance. It is also worthwhile to save some money before approaching a lender as a borrower without a credit record. For more information on these loans please look up AutoDriver.Com.
0 comments:
Post a Comment