Can You Finance a Car with No Credit?

Dealership Finance Professional signing documents

 

Whether you are buying a car for the first time with no credit or you are working on your credit in Troy, you might be curious about no credit or bad credit car finance options. Financing a car with bad credit or even no credit is definitely possible though it might be more challenging than financing with somewhat decent credit. Discover more with the finance team at Ford of Latham below before browsing our new and used car inventory! 

 

Tips for Financing with Bad or Even No Credit

If you’re considering financing a car with no credit, you’ll need to be aware that the down payment may be more than the average and that the interest rates may be higher. Figure out your budget beforehand and follow these tips to secure the most favorable no credit or bad credit car finance plan in the Albany area: 

Don’t Assume You Won’t Be Approved 

You might think that you will only be approved for one plan because of your credit score, but keep in mind that that’s not always true. Be diligent about asking questions and seeing if there are other options that would benefit you more. 

Don’t Accept Just Any Offer

Similarly, don’t just take the first offer you get. While you may be tempted to and feel that this is the only offer you’ll get, you’ll never know until you expand your options. Ford of Latham works with multiple lenders, so we can search for the best offer out of the approved options. 

Improve Your Credit Score if Possible 

Take a step back and reconsider if you need a car this very second. If you don’t and can get one later on, you can work on your credit to build it up before going through the financing process. When you start paying off some debts and have a better payment plan in place, your credit score can improve by the time you buy a car, which will put you in a better place. 

Apply for Loans the Smart Way 

Applying for financing can take a hit on your credit score. Be sure to keep all of your loan applications within a 14-day period to limit the potential damage to your score. You want to be careful to not lower your score even more! 

Be Prepared for Higher Costs 

No credit or bad credit car finance is tricky because of the higher costs. You might receive higher interest rates, a larger down payment, or both if you have no credit or bad credit. 

Apply for an Auto Loan at Ford of Latham

Financing a car with bad credit or no credit is a viable option when you partner up with Ford of Latham. We can help you find the best plan as we work with several lenders in the Latham area. Contact us with any questions or apply for financing online to get started today.

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