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Getting A Car Loan With No Credit History

http://www.carloanskingston.ca/ Usually the first big purchase a person makes that requires the use of financing or a loan is for a car of their own.

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Getting A Car Loan With No Credit History

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  1. Getting A Car Loan With No Credit History

  2. Usually the first big purchase a person makes that requires the use of financing or a loan is for a car of their own. The challenge with this is that a person may not have the proper amount of credit history in order to qualify for a car loan in Kingston or to have a bank approve them for a loan. Therefore, applying for an auto loan in Trenton with no credit can come with its fair share of difficulties.  

  3. Primary reason for being rejected on Car Loan application • Finance company or traditional credit union has  no guarantee that the applicant will be able to repay the money. • An applicant with a proven history of good credit and evidence that they have been able to pay back a number of loans and credit payments without incident is a much better indication that the bank or credit agency will see a return on the loan. Quite often a bank or major credit agency will be trained to minimize losses whenever possible and even if you can provide evidence that the loan will be paid off through your income they will not take the risk if you have little to no credit history in order to back it up. 

  4. How to establish a good credit report? • Obtaining a credit card if you have no previous credit history can be a great start. You may want to sign up for a department credit card or a secured credit card in order to establish a credit history. Only after having bought several items through your line of credit and paying off the balance, as well as holding the line of credit in good standing over time will you build a solid credit report. If you have the need of a vehicle quickly, taking the time to establish proper credit could be a challenge.

  5. There are options available to people with little or no credit history. At The Credit Medic, we are able to offer car financing through many different lenders that can be approved in usually 24 hours or less. The car loans in Brighton through these lenders are more apt to be approved regardless of your credit history as long as you can provide a statement proving your income and employment status. Filling out the application is quite easy and can be done either online or over the phone. Apply Today! http://www.carloanskingston.ca/

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