Can You Finance a Car with No Credit?

Yes, you can! While it may be more difficult to get an auto loan with bad credit, it’s not impossible. Learn more about no credit car loans and even financing a vehicle with bad credit with our finance department at Bayer Auto Group.

Financing a Car with Bad Credit

When you’re financing a car with no credit, remember that you may have a higher down payment and interest rate. Be sure there’s a little bit of wiggle room in your budget. Also, remember these tips:

• Revive your credit score. If you have bad credit, build it up. Use your credit card on small things and immediately pay it off. This will help improve your credit score.
• Know your budget and your credit score (if you have one). When applying for financing, your credit score can take a hit. Keep all of your loan applications within a 14-day period to limit the potential damage on your credit report.
• Separate price negotiation from financing. The first offer isn’t the only one. Many dealerships go through multiple lenders.
• Be prepared for a higher cost. You may receive higher interest rates, a larger down payment, or both if you have no credit.
• Ask questions and don’t assume financing is your only option. You may find a financing option that you feel is the only one you can take, but that’s not the case. Ask questions and see if there are other options like leasing available to you.
• Leasing might be a better option. See what the dealership offers in terms of a lease. These monthly payments might also be higher than the average lease, but cheaper than purchasing a vehicle.

Apply for a Loan at Bayer Auto Group

At Bayer Auto Group, our finance team makes buying a car with bad credit possible for you. Check out our bad credit car finance and leasing options, explore the Ford Credit program, and more when you visit our Comanche dealership. Contact us today with any additional questions, such as whether gap insurance is worth it.