How to Get a Car Loan with No Credit

Whether you’re a new driver who’s never had a loan before, a driver who’s new to the country, or you simply have a low credit score, there comes a time you’re going to need a loan for a car. At New Holland Chrysler Dodge Jeep Ram, we can provide loans for drivers with all sorts of credit histories, so you can get a car you’re truly satisfied with.

Want to find out more about how you can get a no-credit car loan near New Holland, Lancaster, and Reading? Let us show you how you can get a car loan with no credit today!

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Have All Your Documents Ready

The main thing when you’re looking to get a loan with no credit is to make sure you bring along plenty of documents that prove your financial history. You want to show lenders you have a history of paying your bills on time, so it’s a good idea to bring along these documents:

• Pay stubs
• Regular monthly bills, such as utility bills or your rent statement
• Social Security card

Remember: Lenders are looking for people they can count on to repay their loans. That’s why you want to provide accurate information documenting your history of making regular loan payments.

Bring a Down Payment

There are many lenders who are happy to provide loans to drivers with little or no credit. That’s why it’s important to make sure you bring along a down payment to help show you’re serious and prepared to pay off your loan.

Not only does bringing a down payment help you get better offers on auto loans, but it’s also a great way to reduce the amount you actually have to borrow. By saving up a large down payment, you can cover more of the value of the car out of pocket, ultimately reducing your overall monthly payments.

So, how much is the ideal down payment? A good rule of thumb is to plan on paying about 20% of the car’s value as a down payment. While it’s better to have at least some form of down payment—even if it’s a small amount—targeting 20% of the car’s value is a good idea.

Get Started Financing Your Car

Now that you have your documents and down payment, it’s time to get started with the financing process for your vehicle. When you come to our dealership, we’ll meet with you at our finance department and get started discussing your loan.

A great way to get ready for your loan is by making use of the finance calculator on our website. We’ll show you the monthly payments you’re likely to have with a loan so you can better decide which car you want.

Get a Car Loan Through Our Dealership Today

Now that you know the ins and outs of auto lending, it’s time to get started on finding a loan for your next car. We’re ready to provide that for you at New Holland Chrysler Dodge Jeep Ram. We’re happy to serve drivers with no credit in the New Holland, Lancaster, and Reading areas.

To get started with your auto financing, visit our website and get pre-approved today!