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Would I Be Able to Get a Car Loan Without Going Through a Credit Check?

By: Ben Needles


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I remember clearly my first experience getting a car loan. I was 22, and I had actually never owned a car before. All through high school I had driven my parents geo prizm, so I had never had to worry about buying my own car.

But then I got to college and I knew I needed to get my own transportation. Soon I had found a car that I really wanted to buy - a used Honda Civic. My biggest obstacle was that I didnt have the money saved up to buy the car and I didnt have much credit history to get a loan on my own.

My solution at the time was to get a co-signer (my parents). But what if I hadnt been able to do that? The best answer probably would have been to get a no credit check car loan.

You might need to look into a car loan with no credit check if you have had any major setbacks to your credit score in recent history as well. As weve seen the sub-prime mortgage situation unravel, its likely that a much higher percentage of United States citizens are dealing with a mild to severely damaged FICO score.

The problem is, just because our credit has soured doesnt mean we have less need to get from point A to point B right? If youre a solid income earner, or you have possessions that are valuable enough to be used as security for the bank to lend you the money, a no credit check car loan could very well be the answer to your dilemma.

Circumstances will vary from applicant to applicant, and from person to person, but borrowing money in this way may actually reduce the costs of the loan, including giving you a lower interest rate. The logic behind this is by removing (or at least decreasing) the lenders risk youre making it easier for them to give you improved and favorable terms. Sometimes terms even more appealing than those youd get on a loan that required your credit history as part of the approval process.

You should also know a credit union or a bank will consider your personal character and integrity in deciding whether to award you the money you need to purchase a car. This makes sense because your personality and character are the only thing they can reasonably evaluate beyond the value of the security youre providing and your ability to earn money.

Even if you have a poor credit score, they might not fault you for that as much if you can show them you made every effort to protect that score and it only suffered due to circumstances beyond your control. You might be surprised at the role your own personality will have in whether or not youre approved.

If you can show that youre a person of good moral standards, and if you can offer collateral whose sale price would mostly cover the cost of the loan youre receiving, youre going to have a good chance of receiving your auto loan with no credit check. The last advice Ill give is that you should really take advantage of the competition among lenders and seek as many offers as possible to find the one thats right for you.

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About the Author (text)

Mike helps people learn about no credit check car loans. You can read more of his work by visiting credit-doctor.org

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