No Credit Car Loans Columbus
Bad Credit Isn’t a Death Sentence
When looking for no credit car loans in Columbus, your options may be more open than you think. The days of a black cloud hanging over anyone who has bad credit or hasn’t had the chance to build a solid score are over. Today’s dealers are focused on making sure you get the vehicle and financing that work best for your needs. Getting pre-qualified can be the start of a great journey with your new car. Don’t let credit stand between you and a reliable vehicle!
Let’s face it – unless you live in a city with reliable public transportation, you need a vehicle to get around. Whether you’re getting to work, dropping kids off at school or making runs to the grocery store, an automobile is an important tool in your life. Despite this, you’ve undoubtedly heard stories of people like you, with bad or no credit, getting turned away by the bank or at their local dealership. But it doesn’t have to be this way! With a little bit of research, your car financing journey can be a smooth and painless process.
The Right Car and Loan Term
If a new car is out of your reach, look to used vehicles. For many, a used vehicle may be an easier route to a more desirable car – many used cars have already experienced the bulk of their depreciation and may have slid into your price bracket. Used cars are also the most reliable they’ve ever been. Although reliability differs between brands and even particular models, most well-maintained vehicles should be able to hit the 100,000-mile mark without costly repairs. While looking for used cars, its best to try to find a balance between mileage, price, and reliability. A bargain with high mileage may end up costing you a fortune in upkeep. On the other side of the coin, a low mileage example of a desirable car may not be worth the premium.
Although it may not seem fair, you have to be most conscious of your budget when financing as a bad-credit or no credit buyer. Odds are this car won’t be your last, and it’s far better to make things work with a sensible payment and vehicle than shoot for the stars and end up missing payments or paying sky-high maintenance bills.
While looking at cars, it’s also important to consider how long you want your financing to last. As with any type of loan, a shorter term means less time spent paying interest and a lower risk of default. While a long loan term – some loans now extend to 84 months – may seem appealing, it’s important to consider what you’re getting when to commit to a car for 7 years. By the time you pay off the loan, your new vehicle will be at least a generation old, if not more, and will be outside of many automakers’ standard warranties. It may be enticing to reach for a pricier car with a long loan, but as a buyer with no or bad credit, it’s best to think shorter.
If you’re unsure about what you can afford, there are multiple loan calculators online that can help you pinpoint the exact amount you should spend. Once you know what you want to spend, make sure you stick to your numbers. Buying a car can be intimidating, so don’t let anyone rush you in the process. A good dealer or lender will value your business enough to make sure that you’re making the right decision.
The first step for anyone searching for no credit car loans in Columbus is going to be getting pre-qualified. Pre-qualification is the initial step in the car financing process, and it’s generally fairly simple. A perk of pre-qualification is that it requires very little personal information. If you’re just starting to shop, you won’t be tied to any bank or lender just because you pre-qualified. In this “soft” credit check, you’ll be asked to give the following:
- Full Name
- Email address
- Phone number
- Social security number
- Date of birth
- Your home address and length of residency
- Whether you rent or own
- Employment status and job information
- Estimated yearly income
If you’ve already been doing a lot of research, the amount you pre-qualify for might not be a surprise. However, you now have a real rate from a lender to give you a ballpark as you shop.
Pre-qualification does not check your credit score, and you can pre-qualify with as many entities as you wish. The flip-side of this is that a pre-qualification rate may be subject to change. Most pre-qualifications are based on algorithms that merely provide a quote from the limited information you provide. You need to get pre-approved and go through a more rigorous credit check before any rate can be finalized.
Pre-approval is the final step to take before securing a no credit car loan in Columbus. Pre-approval does a true credit check and produces a solid number you can apply to your car search with confidence. Pre-approvals can be completed online, over the phone, or in person at the lender office.
If you don’t already have a relationship with a lender, you can apply for multiple pre-approvals; if they’re completed within 14 days of each other, the multiple credit checks will only count as one. If you do get multiple pre-approvals, it’s important not to disqualify any of the financing offers you receive. A certain car or price change could make a pre-approval you previously saw as unnecessary the best deal for your needs.
If you’re worried about the amount you get pre-approved for, you can also look at making a significant down payment to lower your loan’s total value, resulting in lower monthly payments or a shorter loan term. If you have cash-on-hand but not the credit score to back it up, this could be an option to explore.
You can also look to lower your overall rate by finding a cosigner– someone more financially stable who will be obliged to pay your loan in the event that you’re unable. For young first-time buyers with no credit history, this can be a helpful way to build credit while shouldering a smaller portion of the risk. It should be noted, however, that using a cosigner for your loan does not shield you from the consequences of missed payments or default.
Bottom-line, having no credit or bad credit should not stand in the way between you and a car purchase. While it may seem tedious on the front-end, conducting research and budgeting are a critical part of the financing process. As a high-risk borrower, you shouldn’t settle for unfair loan terms or sky-high payments. Learn what you can afford and stick to it. With a reputable car dealership and lender, you can help build your credit score while scoring a great new car. There are multiple options for no credit car loans in Columbus, as most dealers and lenders now offer dedicated loan programs for bad credit and no credit buyers. It’s all there for you to make the most of it!
Online.Cars – We Deliver!
Another benefit of purchasing from online.cars is that we offer free delivery to our customers. We know that our customers do not need any other fees to increase the expense of a car purchase and because of this we offer free delivery for anyone who purchases an automobile from us.
If you are looking to purchase a vehicle and your credit score or not having any credit at all is preventing you from finding quality options at reasonable prices then check out online.cars. We have a great selection of vehicles to purchase at competitive prices and you are able to purchase your vehicle from home and directly from the website. We have paid attention to the needs of our customers and have made certain that the selection of vehicles are quality and our website is helpful to those looking to purchase from online.cars. The next time you find yourself needing to explore bad credit car dealership alternatives, try Online.cars; you will be pleased to encounter the helps available on our website and the help available through our purchase plan that will enable you to graduate from challenged credit to excellent credit.