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Auto loans without a credit check are often preferred by the applicants who have an unimpressive credit history because it saves them from the embarrassment of rejection. As an experienced player in America’s auto loan industry, we have seen that many credit challenged consumers are extremely worried about credit checks and believe that their only chance is to get a car loan from companies that offer the same without conducting a credit check. Though no credit auto loans may appear to be the best possible solution for these consumers, but there are certain downsides of such type of loans. Valley Auto Loans have been dedicated to serving bad credit consumers make the best financial decisions and connecting them to the most appropriate dealers for their bad credit auto loans.
The biggest disadvantage of this type of loans is that the interest rates are much higher comparing to conventional auto loans with credit check. Therefore, anyone opting to go with no credit car dealerships must be ready to face the consequences. These loans should not be availed unless there is a dire emergency and when you are sure about your ability to afford the high interest rates. At Valley Auto Loans, we discourage consumers to avail these loans because it may drown you completely in debt, if not approached with caution.
No Credit Check Auto Loans Down Payments
In addition to high interest rates, no credit check auto loans also require an extremely high down payment in order to stay protected against borrowers failing to pay even the first installment. Before talking with no credit check car dealers, you must know that these companies have an extremely strong collection and recovery system. To facilitate easy collection and repossession, many of these cars have electronic immobilizers that are capable of deactivating the ignition system, if the borrower misses a payment. GPS devices are also installed to locate the vehicles quickly.
Interest Rates and No Credit Check Auto Loans
Another serious disadvantage of no credit check car loans is the high rate for repossession. The borrowers may have to repossess the vehicle in case just one payment is missed. In most cases, the remaining loan amount needs to be paid, too. Unfortunately, there is no benefit in terms of your credit score, even if you make timely payments for your no credit check car loan because most of these lenders do not report payments and loans to the credit bureaus.
Keeping all these demerits of no credit check car loans in mind, we would request you to take a look at another alternative that has changed lives for thousands of bad credit consumers like you. Since many years, Valley Auto Loans have been the number one online destination for auto loans with poor credit. We have a network of reputed lenders who have a wealth of experience in dealing with consumers like you. Contact us immediately for your hassle free bad credit auto loan within an easy interest rate and improve your credit score without using no credit check auto loans.