Drive Fast USA  Explains No-Credit Car Loans

At Drive Fast USA, we often get asked, "What exactly is a no-credit car loan?" To put it simply, a no-credit car loan is precisely what it sounds like – a car loan extended to individuals who either have no existing credit, limited credit history, or poor credit rating. Though this may seem like a free-for-all, no-credit car loans have their stipulations. Interested in the option? Keep reading for a better understanding of how to get a car loan with bad credit and to learn if you are a likely candidate for this type of loan.  

 

What Is A No-Credit Car Loan?

As previously stated, bad-credit auto loans are offered to people with limited or poor credit histories. Though this is a valuable option to some, it is important to note that individuals who take advantage of this loan type will be charged an interest rate that is directly tied to their individual credit score.  

 

Who Is A Candidate for A No Credit Car Loan?

If you’re located near Omaha and have a weak or nonexistent credit score, you are a likely candidate for no credit car loans. But lenders will still have minimum eligibility qualifications for bad-credit auto loans. These include:

• A monthly income of at least $1,500 gross (pre-tax)
• 18 years of age or older
• Current resident and a legal citizen of the U.S.
• Full-time employment or a guaranteed fixed income
• Able to show proof of residency, such as a recent utility bill
• A working phone number for the address listed on the application
• A debt to income ratio that does not exceed 50%
• A payment to income ratio that does not exceed 15-20% of the applicant’s income
• A loan to value ratio that doesn’t exceed the lender’s maximum allowed

Each application is considered independently, and many additional factors related to the individual’s credit and finances will also be evaluated. We help people dealing with credit issues find the right car for their needs.

Visit Your Local No-Credit Check Auto Center Today!

We take pride in being an auto center where you can quickly get a car without even having to think about your low or nonexistent credit score. We understand that a credit score is not the only measure of a person's financial health. If you need a car today, we are here to help!