Can You Finance a Car with No Credit?

Is your credit on shaky ground, but you still need a new car? What if you’re a first-time car buyer who doesn’t have any credit? You might be wondering if it’s possible to get a no credit or bad credit car finance plan. The answer to this question is yes, St Louis drivers. It might be a more difficult process compared to those with good credit, but it’s far from impossible. Learn more about financing a car with bad credit or no credit with your finance team at Suntrup Kia South.

Tips for Financing with Bad or Even No Credit

When you’re financing a car with no credit, you’ll have to know going in that you’ll have a higher down payment and interest rates overall. Go in knowing your budget and leave some wiggle room. Also, remember these tips:

Don’t Assume You Won’t Be Approved

You might think that a certain type of financing is the only one available to you because you have credit issues. That might not always be the case. Ask around and see if other options might make it easier to bring that vehicle home to Jefferson County.

Improve Your Credit Score if Possible

If your credit is bad, build it up if you can. Work on a payment plan and start paying off any outstanding debts. You can also use your credit card on small items in St Charles and then immediately pay it off. Your score will be back to normal in no time.

Apply for Loans the Smart Way

When you apply for a loan, your credit score can take a hit. Keep all of your loan applications within a 14-day period to limit the potential hit to your credit.

Don’t Accept Just Any Offer

The first offer you’ll encounter isn’t the only one. You don’t have to accept the first offer you’re given just because you need to improve your credit. Many dealerships contract out through multiple lenders, so we encourage you to shop around for a good deal.

Be Prepared for Higher Costs

You will probably encounter higher interest rates, a larger down payment, or both if you’ve got no credit or bad credit. Keep that in mind as you navigate your financial situation.

Get an Auto Loan at Suntrup Kia South in St. Louis

Suntrup Kia South doesn’t just offer competitive rates on bad credit car financing. We’ve also got great technology meant to make your life simpler. For instance, we suggest you try out our payment calculator so you can get a handle on your budget. We also suggest applying for financing online to get through the process with more time to spare.