No credit car financing options | OkCarz

Man in a suit looking at a computer screen that reads No Credit Score in bold letters

Can you get a car loan with no credit? 

Even if you are considering a used vehicle, it is likely that you’ll need financial assistance to complete the purchase. Buying a car is expensive, and having a vehicle is generally considered a necessity, so in order to make the transaction, most people turn to auto loans. However, in order to qualify for financing, most lending agencies want to make sure that you aren’t a risk, and the way they do that is by considering your credit score, making it hard to receive a car loan if you don’t have any credit.  

The system of scoring credit is incredibly nebulous, and most people tend to ignore anything to do with it until they absolutely have to. There are many myths about credit scores that are spread that make people frightened to even look at their credit report. When you’re first starting out, not having any credit can make you seem like a liability to a lender, even if you have all the makings of a responsible borrower. If you don’t have any credit history, getting a car loan is a great way to start accumulating credit.

Money closeup with a hundred dollar bill at the center  

[Related: What to do when you’re buying your first car]

Where to go to get an auto loan 

As mentioned, it can be difficult to get a loan without credit, though it is not impossible. If you have a savings and checking account, visit your bank to ask them about the possibility of a loan. It is encouraged for you to bring proof that you are able to pay reoccurring bills like a utility or phone bill, and that you are employed with a consistent stream of income. Even without those, you can see if someone you know would be willing to be a co-signer. This can be tricky, as this puts both of you on the line if you miss payments, but it is a great way to get qualified for a loan.  

If neither of these tactics works, or if you’re looking for a second option, you are able to go directly through a car dealership like OkCarz. You can even apply for pre-approval online, so you know if you qualify for a loan before you even go to the lot. Buying your used car from OkCarz is an excellent way to build credit, with flexible payments, and in-house financing.  

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