Want to buy a car but have poor or zero credit?
If you have no credit at all you may want to try to establish credit by obtaining a secured credit card. Once you’ve established a credit history you can start applying for regular credt cards. Another consideration is to get a c-signer who can guarantee your car loan in case of default. You may also consider going to a Buy Here Pay here auto dealer like Auto City Credit serving Dallas TX. We offer credit to individuals with poor and even zero credit.
Another option is to contact your existing bank or credit union. Banks are more likely to approve you if you have an existing relationship and have an account with them. Rates from banks and credit unions may be favorable. If you decide to apply for financing with an auto dealership you may want to have financial documents in order including pay check stubs, a current utility bill, driver’s license and references.
Want to rebuild or re-establish your credit? Ask your auto dealer if they will report to the credit bureaus and if so which one. There are three credit bureaus; Equifax, Transununion and Experian. Auto City Credit in Dallas will report your auto loan to Experian. This means that as long as you pay your loan off in a timely manner you will re-establish your credit.
Research online beforehand in order to find out the KBB value of the vehicle. If purchasing used you may also run a Carfax report in order to review the number of previous owners, accident history and service and maintenance records. Viewing the service records will give you an idea of how the car was maintained. Consider a buy here pay here car dealer such as Eddie Yaklin in Corpus Christi. BHPH auto dealers are generally more lenient.