Applying For A Car Loan With No Credit History

Usually the first large purchase someone makes that requires the use of financing or a loan is for a car of their own. The challenge with this is that you may not have the proper credit history in order to qualify for a loan or to have a creditor approve them for a loan. Therefore, applying for an auto loan with no credit can come with its fair share of difficulties. There are options however. Here are a few of the reasons why a creditor may not approve someone for a car loan, why establishing credit can be difficult and options that are available to people with little or no credit history when applying for a car loan.

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Car Loans After Bankruptcy – Tips to Getting Approved

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A car loan after a bankruptcy is one way to help build back your credit history. In fact, once your bankruptcy closes, you can apply for a car loan the next day. To get approved with the best rates for your car loan, follow these tips.

Review Your Credit Report

Before you start applying for a car loan, check out your credit report and make sure all your accounts are in order. It is not uncommon after a bankruptcy to see open accounts that should be closed, which hurt your credit rating.

While looking at your credit report, consider adding a page explaining the situation that resulted in your bankruptcy. If there were extenuating circumstances, lenders may approve you for a better rate than under normal conditions.

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