Auto Loan With No Credit and No Cosigner

by Justin
(Texas)

Question: How can I get an auto loan with no credit and no cosigner. I have a sizeable down payment and I can make enough to make the notes on a car in my price range.

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Answer: Hi Justin,

Getting an auto loan with no credit and no cosigner is not all that difficult if you are willing to be flexible.

Credit unions are typically the best option for first time buyer loans and sizeable down payments make it much easier for them to say yes.

Unfortunately, not all credit unions will have a first time buyer program and when they do they will often limit the amount financed to somewhere in the $8000 to $12,000 range.

A lot of what they will approve you for (if you find a credit union that offers a first time buyer program) will depend on your job time and your monthly income.

If your stability is good at your job (usually 2 years or longer) and you can easily afford the payments - i.e. you make $3000 a month and payments will only be $250 a month - they may be willing to loan more.

There are other lenders out there that will lend you whatever amount you need (as long as the payments are not too high in relation to your monthly income), but their rates will be higher and often will have shorter loan terms.

All in all, I'd start by contacting some local credit unions and see what programs they offer. You can search for local credit unions here - Credit Unions.

Please let me know if you have any other questions regarding your auto loan.

Hope this helps,
Justin