No Credit Car Loan Approval Advice – Valley Auto Loans

100% Bad Credit Car Loan Application Acceptance No Credit Car Loan Approval Advice

A regular job that provides a steady income is important. Too often, the job with income is not adequate to obtain auto financing. Unfortunately, without some type of evidence showing that a person can be trusted to pay off debt, decent housing and reliable transportation are becoming out of reach for more and more people.

Some fortunate people have family members who are willing and able to help as co-signers or lenders, but to really achieve any manner of financial stability as an independent adult, a person must have some credit history in their own name. Credit history means that sometime in the recent past, an individual as a matter of record has made payments on something as agreed. It can be rent, cell phone payments, credit cards or even payments made to private parties. It is important to have some verification of willingness and commitment to pay one’s obligations. A document that proves that obligations are met as agreed is worth a great deal in terms of credit. For most people, the simplest document is the credit report. Without good credit history, auto loans at competitive rates are unavailable. But there is hope for those with no established credit. No credit car loans are often the best pathway to good credit scores and financial stability.

For Those With No Credit History

No credit car loans are available for those without credit history and are willing to have a credit report run in order to establish the absence of negative credit ratings. The terms are not as good as the terms that are available to people with good credit histories, but no credit car loans are a gateway financial tool that will open the door to a good credit standing and better auto financing in the future. No credit car loans are excellent tools for future financial standing that will lead to a better life including better housing and employment opportunities. The following steps will help get a no credit car loan approval. It is not necessary to complete all of the steps but fulfilling a few of these requirements will go a long way toward approval on a no credit car loan.

• Open a bank account that will allow electronic payments. The bank account should show a balance large enough to make at least one loan payment. Demonstrate a willingness to allow payments to be automatically deducted from this account when payments are due.

• Get a cell phone account in your own name. Lenders will definitely want a contact number and may wonder why an individual cell phone account is not available to the prospective borrower.

• Ask your employer to write a letter on company letterhead stating good work habits and amount of time on the job. Most employers are more than willing to help employees get reliable transportation.

• If there is rent history, a statement testifying to rent being paid on time regularly over a period of time is meaningful.

• If you have a utility account in your name, keep the information available with regular payment records. Utility companies do not give credit ratings but utility services are a form of credit and evidence of responsibility.

• Check your own credit. If you don’t think you have any credit, you need to be sure you have no bad credit. It is also possible something in the past has resulted in a good rating without your knowledge. A credit report will also verify information such as address or employment which is an additional indication of stability and maturity to a potential lender. Each of the nationwide credit reporting agencies are legally required to provide a free copy of your credit report every 12 months. A person should understand their own credit report even if she has no credit just to make sure information such as name and date of birth are correct.

• Create a list of character references. Everyone on the list must have a contact number and must be trusted to speak well of you. Personal friends, co-workers, teachers or members of your church would be good sources for this list. Be sure to get their permission to use their names.

A no credit car loan will have a higher interest rate and higher payments than other loans on the market today. However, reliable transportation means better job prospects. Many people have made the no credit car loan into an opportunity for a better place to live and have been able to purchase a better vehicle at better terms after fulfilling the no credit car loan agreement.

There are auto financing companies who are proud to offer no credit car loan opportunities to deserving entry level borrowers. Valley Auto loans is standing by to answer questions, give advice and approve no credit car loans.