How to Get a Car Loan with No Credit | Andy Mohr Nissan

If you’ve shopped the lot at Andy Mohr Nissan and are ready to get behind the wheel of that next car, we’ll be here to assist you. There are some scenarios where drivers may be looking for a car loan with little or no credit, which can make for a unique financial situation.

Rest assured that we have seen this scenario many times and have helped drivers in getting a loan, even with no credit. Our goal is to always ensure Indianapolis, Lawrence, and Speedway motorists are happy with their car and financial condition.

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Providing Documentation for a Loan

Credit history is the first place lenders will look for information about your background. If there is no credit history to go off of, the lender will need to look elsewhere for an affordable loan option for you. It would be best to have numerous forms of documentation to build your case.

Documentation can include:

• Bank statements
• Recurring bills (i.e. a phone bill)
• Pay stubs

Utility and phone bills can be easily set up and prove you’re able to pay bills on time without any credit history needed. Steady income is another item lenders always look for. It can help to be with a single employer for a substantial period of time, as it can prove to a lender you’re capable of holding a job over the long haul.

How to Prepare

The best thing you can do to prepare for a no credit loan is save. Saving up for a down payment will give you a better chance of receiving a loan that will fit into your budget. A down payment proves you’re committed to the purchase and shows you’ve put in the work to save up for a car.

In this situation, family and friends may also be of assistance. If they aren’t able to give you a full loan, they might become co-signers. The payments will still fall to you, but if you do not pay, the co-signer will become responsible for the loan. While lenders are willing to work with drivers who have no credit, average interest rates can run in the 10 to 20 percent range—something to keep in mind before heading to the dealership.

Financing Your Next Car

Get approved for an auto loan here at our Nissan dealership. When you sit down with our financing team, they’ll go over all available options. We’ve assisted drivers with no, little, or poor credit. Working with local banks and lenders, we have the resources to find the right loan for your needs while staying within your budget.

Streamline the process by filling out the finance application on our website. It’s the best way to get things started. We’ll answer any questions you might have about the application. Just give us a call.

Explore Your Loan Options

Even if you have no credit to your name, it doesn’t mean you should be shut out of buying your next car. At Andy Mohr Nissan, we’ll explain how you can get an Indianapolis, Lawrence, or Speedway car loan with no credit. Stop by our dealership or give us a call today!

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