Can You Finance a Car with No Credit?

Whether this is your first time buying a car but you don’t have credit or your credit is less than an ideal but you need a vehicle in Tampa, it is actually possible to get a no credit or bad credit car finance option. The process won’t be as easy as someone who has a decent credit score, but Wesley Chapel Toyota has some tips to share with you that can help finance a car with no credit. Find out more below and if you have any questions, be sure to reach out.

Tips for Financing with Bad or Even No Credit

Before we get into the tips, you have to keep in mind that when you’re financing a car with bad credit, your down payment will likely be more than the average amount and the interest rates will probably be higher as well. Consider this as you decide if you absolutely need a car at this moment. If you do, be sure to know the in’s and out’s of your budget beforehand and have some leeway in your budget as well. Here are some tips to help you get a bad credit car finance plan in Lakeland and St. Pete:

Don’t Assume You Won’t Be Approved

You might think that only some options are available to you because of your credit. However, that’s not always true. Keep your mind open to possibilities and always try to seek all of your options before deciding on one. There could be options that are better for you.

Improve Your Credit Score if Possible

Assuming you don’t need a car immediately, you should use this time to try to work on your credit. Build it up by paying off any outstanding debts or by using a credit card and paying those payments off on time if you don’t have any credit.

Apply for Loans Within a 14-Day Period

Financing a car, especially with bad or no credit, is best if you turn in all the applications within 14 days. This is because your credit score can take a hit when you’re applying for financing and when you limit it to this time period, it will limit the potential damage.

Don’t Accept Just Any Offer

While you might have come across the best option yet, don’t jump the gun and opt in for that one. Be sure to see as many of your options first, so you can decide which is the best to go with. Remember many dealerships work with multiple lenders, so your options could be different from the various lenders.

Secure Bad Credit Car Finance at Wesley Chapel Toyota

Financing a car with no or bad credit in Wesley Chapel? Come to Wesley Chapel Toyota! We have a credit forgiveness program, where we will help you refinance your car after you have successfully made the previous payments on time. See more of our car buying tips and feel free to use our payment calculator when you’re deciding on your financing plan!