Free 60 Second Application with 98.9% Approval ]]> Auto Loans With No Credit Check
Auto loans that do not require a credit check may be useful, but they cannot help you reconstruct your damaged credit. It is possible to turn to no credit check car dealers to obtain a vehicle, but don’t misunderstand your situation. If you have been turned down by other dealers for an auto loan, it does not mean you are out of options or have to try for personal loans.
We at Valley Auto Loans understand this situation and would be glad to offer our expertise and advise to help anyone caught in this situation. We also want to help you understand the differences between regular bad credit loans, and no credit check deals.
The main difference between regular auto loans and no credit check loans is that the later does not require a FICO score or a credit check to be approved. Because a credit score is irrelevant to the matter, no credit check loans are the easiest way to be approved for fast auto loans, but not necessarily the best option.
Even though the approval process is fast and simple, you need to know these facts about Buy Here Pay Here (BHPH) Loans.
• Large down payments – Buy Here Pay Here dealers nearly always require a very large down payment for these loans, to ensure their safety if the customer does not follow the contract.
• High interest rates – Most loans such as these have interest rates around 25% or higher.
• Used, high-mileage vehicles – Many of the vehicles corresponding to these types of loans are older, less dependable vehicles, meaning higher cost to the buyer in the long run.
• Electronic monitoring – The best Buy Here Pay Here dealers know to protect themselves. To ensure payments are made, and to make collections and repossessions easier, many Buy Here Pay Here vehicles are being equipped with devices that have the power to shut down a vehicle and locate it on a map via GPS.
• Repossession is common – Many Buy Here Pay Here dealers will repossess a vehicle after only one missed payment.
• Cannon change credit score – Even if your payments are perfect, Buy Here Pay Here loans can have no positive effect on your credit score.
No Credit Check Auto Loans – Other Options
Auto Loans With No Credit Check
In closing, Buy Here Pay Here loans have far to many negative attributes to make them a good option, instead why not gain a traditional loan specifically designed for those with bad credit. At Valley Auto Loans, we specialize in helping those with bad or no credit qualify for a quality auto loan. Get an auto loan from Valley Auto Loans and start rebuilding your credit today, it will definitely pay off in the long run.
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Any place that doesn’t require a credit check is probably going to destroy your credit. I would just keep looking for a place to give you a normal loan. Its really important to start rebuilding credit asap
A good article and i totally agree with @john Oddo it seems to be hell difficult to find an honest and regular lender!! Nowadays it s getting really bad therefore Car Financing should be improved.