Can You Finance a Car with No Credit?

Man Sitting at Desk Doing Calculations

 

If you need a new car but have poor credit, or want to buy a car for the first time but have no credit, keep reading. Can you finance a car with no credit? Yes, you can! It might be a bit more challenging than it would be if you had good credit, but it’s possible. Learn more about how to finance a car with no credit or bad credit, as well as what credit score is needed for a loan, and more here with Ole Ben Franklin Motors, and contact us if you need a car loan.

Tips for Financing A Car With No Credit

When you finance a car with no credit, you’ll likely need a higher down payment and have to pay a higher interest rate on your loan. Figure out your budget ahead of time, but leave a little wiggle room. Here are some additional tips:

Shop Around

It’s easy to get discouraged thinking that a particular financing option is the only one available to you or that you have limited opportunities because you have no credit. Keep your head up. That’s not always the situation. Ask lots of questions and shop around to see which lender has the most options for you.

Try to Improve Your Credit Score

If you have poor credit, try to improve it. Work out a payment plan with your current creditors, even if your behind on payments. Try to pay off your outstanding debts. One method to build credit is to use your credit card on small purchases and immediately pay it off.

Apply for Loans All in a Short Period

When you are applying for car financing, your credit score will take a hit. Do your best to keep all of your loan applications within 14 days to limit the potential harm to your credit score.

Don’t Feel Like You Must Accept The First Offer

The first offer is probably not the only one you’ll receive. Many dealerships, like Ole Ben Franklin Motors near Farragut,  use multiple lenders. So if you think there’s a good chance you could get a better offer, keep trying.

Be Prepared To Pay Higher Costs

Once you’ve chosen your next new vehicle for your Sevierville commute, you’ll probably have to pay higher interest rates and make a larger down payment. Try to prepare for yourself and plan accordingly.

Apply for a Car Loan at Ole Ben Franklin Motors

The Ole Ben Franklin Motors finance team makes financing a car with no credit, or bad credit, as hassle-free as possible. Ask about our no credit and bad credit finance options, leasing options, and more. Soon you’ll be driving around Seymour in your new ride! You can start the process today by applying for financing online to get pre-approved. Contact us or stop in at our Knoxville dealership with any questions. We’re here for you!

 

More from Ole Ben Franklin Motors

  • Financing Tips: Loans vs Leases

    If you’re shopping for a new car here at Ole Ben Franklin Motors, you need to weigh your options carefully. Not only do you need to pick out the perfect vehicle, but you also have to figure out the best way to get it. Do you lease it or do you take out a car…

  • Oil Change FAQs

    If you want to keep your Mitsubishi car in top shape, you know that routine maintenance is important. One of the most critical services might be the simple oil change. At Ole Ben Franklin Motors we can check your car oil levels and answer any questions that you have about this important bit of maintenance.

  • Can I Finance a Car Loan with Bad Credit?

    If you have bad credit, you probably think that it’s impossible to finance a vehicle. That’s simply not true though. At Ole Ben Franklin Motors, we will do everything that we can to help you secure an auto loan. Here are some reasons why we can still help you find a loan.

Saved Vehicles

SAVED VEHICLES

You don't have any saved vehicles!

Look for this link on your favorites:

Save

Once you've saved some vehicles, you can view them here at any time.

Contact Us

(865) 693-9315

Call Now

9711 Kingston Pike • Knoxville, TN 37922

Get Directions

Today's Hours:

Open Today! Sales: 9am-8pm

Open Today! Service: 8am-5pm

Open Today! Parts: 8am-5pm

Ole Ben Franklin Motors 36.002422, -84.247453.