Even it you have no credit history, you can still get approved

for a car loan. With a car loan, you can purchase your vehicle

and build your credit history. Online car loan lenders make

shopping easy, and you can find low rates compared to

traditional banks.

Get Started

Before you launch into car loan shopping, take a look at your

credit history. Even if you have never opened a credit card

account, you still have a credit history. Regular bill payments

count as well as a checking account. Hint – open a checking

account if you haven’t already.

Plan On A Down Payment

With no credit, you get treated much like you have bad credit

with financing companies. To offset the risk of your loan, plan

on putting down a large down payment. You may get away with a

down payment as little as 5%, but 20% will ensure lower rates.

Research Companies

Online car loan lenders offer several different types of

financing. Request quotes from both traditional lenders and

subprime lenders. Subprime lenders provide financing to people

with adverse credit. Usually their rates are only slightly

higher than a traditional lender with few fees.

Evaluate Rates And Terms

To find the best financing for your automobile, evaluate rates

and loan terms by your financial goals. While low rates will

save you money, you will often have a higher monthly payment.

Decide how much you can afford monthly and look for a package

that offers the best price within those figures.

Get Pre-approved

When you have settled on a lender, go ahead and get

pre-approved. By filling out the paperwork online you will save

yourself time and money through reduced fees. Once approved, you

can then go car shopping like a cash buyer. You have the option

to buy through a car dealership or through a private

individual.

Think Refinance

Even car loans can be refinanced today. If you find yourself

with a less than ideal loan rate, you can plan on refinancing

your loan within a couple of years. Take the remaining time to

build up your credit history by making regular car payments.

With your approved car loan, you will also be able to qualify

for credit cards to help build your credit score.

To view our list of recommended auto finance companies online,

please visit this page:

http://www.abcloanguide.com/autoloans.shtml.