If you're thinking about buying a car with no credit, you're likely wondering if it's even possible. We're happy to tell you that when you shop with us here at Great Lakes Honda in Akron, OH, you're as good as on your way home. On this page, we'll tell you a little bit about why credit is so important, the differences between no credit and bad credit, and what you can do right now to streamline the time it will take for you to pick your favorite Honda vehicle from us and hit the road. Check out our new cars for sale in Akron and read on!
Buying a Car With No Credit: Explained
Tier 1 credit, new credit, no credit or bad credit, your credit score is the primary indicator to a bank of your ability (and willingness) to repay a loan. If you're buying a car with no credit vs. bad credit, this means that you don't have a credit history. The banks don't see a track record of time spent with a creditor, credit amount, or payment history. This scenario is different than buying with bad credit, as lenders will look at repayment potential based on challenges that you've had, such as job loss, divorce, and more. But don't worry! If you fall into that category, Great Lakes Honda is a specialty
bad-credit car dealership, too. So let's regroup. If you're thinking about buying a car with no credit, you'll want to do the following:
- Have your student ID card and GPA handy
- Have your driver's license and Military ID (if applicable)
- Have your bank account information ready
- Have pay stubs ready to review
- Have a possible co-signer available (like mom, dad, or spouse)
- Have about 10% to put down (as this is the average down payment on a car)
- Take out a small credit card. Use and make payments on 5% of the credit limit
Getting a car loan is easier than you think. If you have no credit history, lenders will be looking at your sheer ability to repay. This can come from a job, savings, current income, or financial support from relatives or a trust. If this sounds like you, you're as good as done. Come pick out your favorite Honda and let's get going!
Buying a Car With No Credit Made Easy
If you live anywhere near Canton and need to have reliable, advanced, and safe transportation, there's nothing like a tried and true Honda vehicle. Great Lakes Honda is your destination for an incredible selection of the latest Honda vehicles, financial services (including loans with no credit), maintenance service, and fantastic used cars for sale in Akron. We're an award-winning dealership that prides itself on making things happen for our customers. Whether that means getting you into your childhood dream car or even offering a discount when certain coupons are accidentally left at home, our top priority has been and will always be you. Contact one of our sales specialists today and see just how easy buying a car with no credit can be. Only at Great Lakes Honda.
