How to Get a Car Loan With No Credit in Thunder Bay, Fort Frances and Surrounding Area
For many Canadians, the aspiration of owning a car is only possible through a car loan. But, people often find themselves wondering how to get a car loan with no credit. It's not as difficult as it sounds.
Open a Bank Account if Necessary.
Using a credit card is not the only way to start establishing credit. You can also do so by opening a bank account if you don't already have one. Holding that account responsibly helps you start building credit.
Gather Relevant Documents.
Once you've opened a bank account, you can approach a dealer that specialises in auto financing like us at Performance Motors to ask how to get a car loan with no credit. Although lenders traditionally require a person to have a credit score before getting a loan, that is not always the case.
Sometimes, you'll just need to show proof of a minimum monthly income, as evidenced by statements from your new bank account. In most cases, you'll also need to have a steady job for at least a few months, so that may require gathering your recent pay stubs. This kind of documentation indicates your financial situation is stable.
Get My Application Started!
Discover Your Options.
It's a good idea to partner with a company like us as our Finance Specialists regularly assist people without credit histories. When you're wondering how to get a car loan with no credit, working with our Finance Specialists should give you access to the most lending choices. We even have success with getting loans for people who have just moved to Canada.
Hopefully you now feel a lot more confident about your car loan prospects, even if your credit is nonexistent. There's no reason to let a lack of credit prevent you from getting a car you'll love. Canadians often wonder how to get a car loan with no credit. It's usually possible if you can show evidence of steady income and consistent employment, especially if you rely on lending specialists like us to show you how to get a car loan with no credit.
Performance Motors is located in Thunder Bay, Ontario and also serves Fort Frances, Terrace Bay, Dryden, Marathon, Nipigon, Geralton, Neebing, Pass Lake, Ignace and surrounding areas.