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Can You Finance a Car with No Credit?

Car Financing

If you are a first-time buyer with no credit history you may be asking whether you can finance a car with no credit. While it’s not impossible, it can get a little tricky securing a no-credit or bad-credit car finance plan in the Gainesville area. The finance team here at Honda of the Avenues is here to help guide you through the process. Whether you wish to buy or lease, the finance experts at Honda of the Avenues are here to help you get behind the wheel of the new Honda or used car you want today.

Tips for Financing with Bad or No Credit

When financing a car with no credit, both your down payment and interest rate will usually be higher than average. Therefore, it is important that you take a close look at your budget and make sure that it can accommodate the increase in out-of-pocket cost. Review the following tips from our finance specialists:

Don’t Assume You Won’t Be Approved

Just because you are seeking no-credit or bad-credit car finance options doesn’t mean that you have to accept the first offer you receive. Ask questions to find out if there are other options that are available. Many Orange Park-area dealerships work with multiple lenders, so there’s a good chance you could get a better offer.

Improve Your Credit Score if Possible

An easy way to boost your credit rating is to use your credit card on small purchases and then immediately pay it off. Working out a payment plan and paying off any outstanding debt will also help you to build the credit needed to be approved for a loan.

Apply for Loans the Smart Way

Applying for financing will often negatively affect your credit rating. We recommend that you keep all of your loan applications within a 14-day period to reduce the damage to your score.

Be Prepared for Higher Costs

Remember that you should go in expecting to get higher interest rates. You should also be prepared to come up with a larger down payment. Budgeting for these beforehand will help ease the stress and give you a clear picture of what you can and can’t afford.

Apply for an Auto Loan at Honda of the Avenues

Ready to learn how to buy a new vehicle? Use our convenient payment calculator to determine what your monthly payments will be, and then apply for financing with us online. If you’d like more information about your loan or lease options in the St. Augustine area, want to find out about insurance options like GAP insurance, or would like to learn our other financial services, please feel free to contact us.

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