No Credit Bad Credit Car Loans
The world of car loans can seem overwhelming and intimidating for people in the Seattle area at first. However, when you need a vehicle, you often have to learn some information about them. If your credit scores are not optimal or non-existent, understanding key information about applying for no credit auto loans and bad credit car financing can help you to get a little bit further in the process.
Bad Credit vs. No Credit: The Difference
You might think that since you haven't had a credit card in awhile that you have no credit. In general, the difference between bad credit and no credit is as follows:
- With no credit, you have never had any sort of credit card, loan, etc.
- With bad credit, you've had these opportunities, but you have made late payments or not paid them back at all.
Knowing exactly where you stand in the field of no credit and bad credit car loans can help you to prepare yourself more.
Before You Go
Now that you know you can still get approved for auto financing, you might be tempted to run off to a local dealership in Seattle right away. Well, hold on a second. Before you go, you should definitely work to get a pre-approval with Dougs Credit Center. By doing so, you will have a much better idea of exactly how much you are able to afford. Furthermore, during this time period, you can work to save up more money for a down payment. Doing so makes you a more attractive lender to the entities.
If You Hit a Bump in The Road...
What should you do if you are not approved for a loan right away? Well, you should definitely consider getting a co-signer. With two of you on a poor credit auto loan, it can often be easier to get approved. Perhaps you have no credit because you are a student just starting off in life. Look into programs that have been specifically designed for you. It will be tough to compete with people who have long credit histories, so you need to find opportunities that work and make sense for your specific situation.
Having no credit or bad credit scores can be rather scary; you may feel as though you'll never qualify for any type of financial opportunity. Fortunately, this is not true. If you are willing to do a little bit of work, you can have a new vehicle quite soon.