Can You Finance a Car With No Credit?

The short answer is, yes! Financing a car with no credit may take a little longer to find the right deal for your budget, but it is certainly an option for many North Charleston drivers. The same is true for those around Mount Pleasant who are interested in financing a car with bad credit. First, it will be helpful to estimate your credit score if you are uncertain of your credit history, and it may be possible to receive a free credit report through your financial institution for confirmation. Learn more below about the no credit or bad credit car finance options with the specialists at Rick Hendrick Chevrolet.

Tips for Financing a Car with Bad Credit or No Credit

Although there are plenty of bad credit car finance possibilities for those around James Island, it can prove difficult to find one with a trusted finance center. It’s also important to remember that you will likely be asked for a larger down payment than average, and the interest rate will also be higher.

While financing a car with no credit doesn’t have to be a drawn-out process, there are a few tips to keep in mind as you begin your application process:

• Consider leasing. Consult your local dealer’s special offers. These payments may be higher than leasing with good credit, but it will be more affordable than purchasing new.
• Invigorate your credit score. If you’re financing with no credit, small steps like using a credit card to make small purchases and paying it off immediately can help build credit quickly.
• Budget carefully and know your credit score. When you apply for financing, your credit score will take a hit, but by keeping your loan applications within 14 days of each other you can minimize the potential impact to your credit score.
• Ask a lot of questions and don’t assume you won’t be approved. There may be other opportunities available as you search for bad credit car finance options.
• Negotiate whenever possible. Many dealerships go through multiple lenders, so your first offer is likely not the only one.
• Be prepared for a higher cost. As mentioned above, you may receive higher interest rates, a larger down payment, or both if you have no credit.

The Finance Specialists at Rick Hendrick Chevrolet

Whether you’re interested in buying or leasing, our finance center experts in Charleston are ready to help. Contact us for more finance and insurance tips as you shop for the right deal for you and your family. Rick Hendrick Chevrolet has the expertise and dedication to bring your next purchase or lease up to speed.