Getting A Car Loan Without A Cosigner

By John Reyes

If you have bad credit it can be really tough to find a cosigner. However, there are a few companies willing to offer you a loan without a cosigner. If you're having trouble finding a cosigner, these companies are the best way to get a car loan approved. You may be required to pay a higher interest rate with these kind of loans. Many times, a higher down payment is also required because of the raised risk for the lender.

If you currently have zero credit, meaning it's your first time purchasing a car, you're going to have it a bit easier than if you have bad credit. A lender considers zero credit less risky, because there is no previous instance of you not paying your bills. You simply haven't started your credit yet. So if you're buying for the first time, be sure that your lender understands your credit is at zero and you do not have bad credit.

If you're considering buying a used car, you can also make use of a no cosigner car loan. Used automobiles are many times more economical than brand new cars and they are getting more popular in these difficult economic times.

If you have had trouble qualifying for a car loan before, try the no cosigner route. Look on the Internet for suppliers of no cosigner loans and compare rates and conditions. If you're toying with the idea of buying an American car, you can negotiate about the credit rates because of the credit crunch the automobile companies are in. Prepare and make sure you get the best possible deal!

About the Author:

John writes about financial matters and car financing. He also writes about geld lenen auto and lenen in Dutch.