The Best Options for Buying a Car with No Credit
When you have no credit, you will find it hard to make most major purchases. You might not be able to get a phone, you’ll find it impossible to buy a home, and you’ll have a hard time getting a car. Even if you do find a dealership that will approve you for financing, you’ll likely have to pay an extraordinary interest rate that will make the car cost you far more than it’s worth.
Fortunately, you do have a few options. Here are a few ways that you can buy a car at a good value even if you have no credit:
Buy Here Pay Here Dealers
Buy here pay here dealers in Ohio offer reasonable financing terms for buyers with poor credit or even no credit. The advantage of shopping with buy here pay here dealers is that they sell certified used vehicles, so you have some guarantee about the quality of the car you buy. Shopping with a dealership also allows you to finance the car to make it more affordable, rather than having to save up the cash to buy it outright.
Get a Co-Signor
Even if you don’t have credit, you may be able to get financing for a car with a co-signor. Of course, that means you’ll have to convince someone to sign paperwork saying that they’ll take on the burden of the debt if you fail to pay your loan, which can be a tall order. Outside of your parents, not many people may want to do that. Even if you find someone who agrees, the arrangement could cause a strain in your relationship.
If you have enough cash on hand, you can buy a used car outright from your local classifieds. You won’t have to worry about your credit at all. However, you also won’t have any guarantee about the quality of the vehicle, so you are taking a bit of a gamble, even if you get the car inspected.
Buy here pay here dealers in Ohio are by far your best option for buying a car if you have no credit. You can get reasonable financing terms on a quality used car, which will likely also include a warranty.