Buying your first car is an exciting experience for anyone. Dreams of independence and freedom consumes the mind of many first time buyers but when they finally come to putting down the payment, a non-existent credit history can shatter all those sweet dreams. So the question is, "How do I buy a car with no credit historyall"
Well there are many ways you can do this.
Firstly you could try borrowing money direct from the bank. If the bank is already familiar with you then they are more likely to take a risk with you. The only downside to it is that they may put tight conditions and a cap on the amount lent.
Another way you could do it is to find a guarantor or co-signer. This person is responsible for the payments if you fail to make them, so close family and friends who trust you are the most likely people to help you out using this method.
If these first two are simply not an option, you might want to try saving for a larger down-payment. Although this can be difficult as you should aim to pay for half the car, a bank is also more willing to lend you the amount needed as it can be loaned against your car. If you fail to make payments, they simply repossess your car to complete your outstanding balance.
Finally if all else fails, you should try to take the long yet sensible route of actually building up your credit rating. Use a couple of credit cards for an extended period of time, making sure that you pay everything on time. This may take a while but you will build up people's confidence in you as a responsible borrower and consequently be handed the keys to your brand new vehicle. Good luck with your first purchase!
Well there are many ways you can do this.
Firstly you could try borrowing money direct from the bank. If the bank is already familiar with you then they are more likely to take a risk with you. The only downside to it is that they may put tight conditions and a cap on the amount lent.
Another way you could do it is to find a guarantor or co-signer. This person is responsible for the payments if you fail to make them, so close family and friends who trust you are the most likely people to help you out using this method.
If these first two are simply not an option, you might want to try saving for a larger down-payment. Although this can be difficult as you should aim to pay for half the car, a bank is also more willing to lend you the amount needed as it can be loaned against your car. If you fail to make payments, they simply repossess your car to complete your outstanding balance.
Finally if all else fails, you should try to take the long yet sensible route of actually building up your credit rating. Use a couple of credit cards for an extended period of time, making sure that you pay everything on time. This may take a while but you will build up people's confidence in you as a responsible borrower and consequently be handed the keys to your brand new vehicle. Good luck with your first purchase!
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