Do you have no credit? Do you
think getting approved for a car loan with no credit is not
possible? Wrong! One of the best means of building a no credit
history into a positive one is to apply for a car loan!
How can I get approved for a car loan with no credit history?
It is not hard at all to get approved for auto loans with no
credit. When you apply for a car loan with Premier
Auto Financing, your automobile acts as security for your
loan. This means that if you do not pay the loan, your car will
be repossessed. Not only will having your car repossessed hurt
your credit rating, it will now be very hard for you to get
approved for a car loan again.
How does a car loan help build my no credit history into a
positive one? The monthly payments you make for your car
loan are reported to all three major credit reporting agencies
every month. So, a positive payment history will be reflective
on your credit score. On the contrary, if you do not make your
payments on time, your credit will be adversely affected. So, it
is important that you not only make your payments, but that you
make them on time, every month!
If you want to reap the credit building benefits of an auto
loan, it is crucial that you make your auto loan payments on
time, every month. To ensure that timely payments are never a
problem, make sure that you purchase a car that is within your
price range. Be practical and determine what your needs and
wants are. This is your first car. There is always room for
improvement and upgrading. It is not too wise to buy a car that
has the best sound system or the nicest rims if you can not
afford these items. Before you purchase any car, determine how
much you can afford. If your calculations indicate that you may
have to strain to pay for your car financing, then you are
looking to purchase a car that is not in your budget.
What are the interest rates associated with auto loans for
people with no credit? Being that you have no credit, your
auto loan rate will obviously be higher than someone with a
strong credit history. But, the interest rate associated with
your financing will be lower than applicants that have poor
credit. There are other variables that will affect that interest
rate of your auto loan. Some of these variables will include
what state you live in, what kind of car you are buying, if you
are buying a new our used automobile, the amount of money you
put down and/or the amount of time your are looking for
financing (most auto loan terms range between 1-6 years).
Jacob Andrews is the
webmaster/marketer of Premier
Auto Financing. Premier Auto Financing specializes in
loans with no credit. When you use Premier Auto Financing
for your auto financing, you can purchase a car from a private
seller or from a dealer. The choice is yours!
Article Source: http://EzineArticles.com/?expert=Jacob_Andrews