How to get a car loan with no credit Truro, NS
Credit has control of many life decisions we make. Whether we want to buy a house, get a credit card or obtain a loan, credit determines our eligibility for these things. For many students or drivers new to the credit world, they have yet to establish a credit history. Our team at EasyCarMoney.com is going to share how to get a car loan with no credit in Truro, NS.
Getting a car loan with no credit can be a challenge, but it isn’t impossible. College students or those who are new to the credit world can start by saving up for a significant down payment. The larger the down payment, the better the chances are of obtaining a loan and having smaller payments. Presenting a large down payment shows dealerships your dedication and commitment to getting a car.
What you’ll need to get approved for a car loan
One of the biggest aspects of obtaining a loan is sharing your credit history with lenders. You will need to gather the necessary documentation so lenders may verify your ability to afford monthly car payments.
The three main pieces of documentation you’ll need to collect besides your credit report is a copy of your bank statement, documentation of recurring bills (utilities, phone bill, other loan payments, etc.) and proof of employment, like pay stubs. The longer you’ve been with an employer will also help your standing, as it shows consistency and reliability.
Have a cosigner
A cosigner is a person with strong, established credit who will vouch for your credibility and assumes equal responsibility for loan repayment.
Hopeful car buyers can kindly ask a friend, parent or other trusted party to act as a cosigner to make obtaining a loan much easier. The cosigner will sign a promissory note that indicates they accept shared responsibility for your loan payments should you default on a payment. Essentially, you would be using another person’s established credit to help build your own. To learn more about how to get a car loan with no credit, contact our team at EasyCarMoney.com today.