Shopping for bad credit car loans? Trying to purchase a new car with no credit history? Whatever your story, we’re here to help you figure out how to drive home in a brand new car!
Key Takeaways
- With bad credit or no credit, driving home in a new car is difficult — but not impossible!
- Start your search by figuring out which dealerships and lenders can accommodate your needs.
- Fill out an online credit approval form to see if you qualify for a new car loan!
- At VinFast of Sebring, we can help you drive home in an upscale EV, whatever your credit score.
Do You Have Bad Credit or No Credit?
Although both bad credit and no credit affect your chances of obtaining a loan, they’re not the same thing. Let’s take a look.
What qualifies as bad credit?
If you don’t pay your bills on time, fail to pay them at all, or max out your credit cards, you can (literally) do a number on your credit score. On the credit scale of 300 to 850, a score under 580 is considered low. Although it’s not impossible to finance or lease a vehicle with bad credit, you’ll need to do a little legwork to figure out your options.
What’s no credit?
A credit score is a number between 300 and 850 that lets lenders know how responsible you’ve been about managing your debt. Anyone who has yet to establish a credit history has “no credit.” But you can establish a good credit history pretty quickly by becoming an authorized user on someone else’s credit card or taking out a small personal loan. When it comes to financing or leasing a new vehicle, you may need to look into options specially designed for drivers with no credit history.
Explore Different Lenders
Whether you’ve got bad credit or no credit, a little research can help your credit score in a big way. Not every dealership will allow you to lease or purchase a car without a solid credit history, but you can call around to find out which of your local retailers can help. While leasing often requires a tip-top credit score of 670 or higher, most dealerships can help you qualify for some financing options.
Get Prequalified for Financing
These days, many dealerships can help you prequalify for financing online. To estimate how much you’ll be able to spend, all you need to do is fill out a quick application! Besides letting you know that you qualify for a loan, getting prequalified will also help you plan your budget. You can even browse a dealership’s inventory online and make a list of which models you want to test-drive!
Consider a Co-Signer
If you fill out a few online applications but can’t find any takers, consider asking a family member to co-sign a loan with you. Borrowing your parent or spouse’s good credit history can work wonders! Just make sure you’ll be able to fulfill your repayment obligations, because if you can’t, your co-signer will be just as liable as you are.
We Can Help! Buy or Lease a Brand New VinFast EV
Right now, at VinFast of Sebring, Florida, we’re offering some of the best leasing deals in America. Better yet, we’ll help you drive home in one of our upscale electric crossover SUVs — even if you have bad credit or no credit. Call or text us to find out how you can lease a VinFast VF8 for as low as $279 a month, with $0 down!