Buy Here Pay Here CT
We're a Buy Here Pay Here CT Car Lot and as our slogan says, "We make the Deal that gets you behind the Wheel!" We specialize in helping out customers receive an auto loan even if you have poor or bad credit - in fact, we 100% Guarantee your credit approval! Simply submit your Credit Application online today!
May 25, 2015 | No Comments YetTags: bad credit car loans, buy here pay here, Car Maintenance, car tips, credit repair, Used Car Buying
If you have tried purchasing a car with no credit history, you’ve probably found it very difficult. In order to get a car loan, almost all dealerships run a credit check. Here at Franks Auto Credit, we provide auto loans even if you have no credit.
Credit Scores and Lending
For most loans, you must have a credit score. Credit scores range from 350 to 850. Scores above 750 are considered excellent. Scores below 619 are considered poor. If you have a credit score of 0, it means that you have no credit history. You have not taken out any loans, and you do not have any credit cards.
Having a credit score of 0 means that most lending institutions will not give you a loan. They do not want to take a risk on an applicant with an unproven track record. They have no definitive formulas for determining if you were be a bad credit risk.
Here at Franks Auto Credit, we will give you a loan for a car even if you have no credit. This is because we look at other factors to determine your ability to pay, including your residence history and work history. These items will help us determine whether or not you have stable income and if you have the ability to repay your loan.
Buying a Car with No Credit
Buying a car and making the payments on time can help positively build your credit. All you have to do is choose the car of your choice. We’ll ask to see two recent pay stubs from your current employer. You will also need to bring a current phone bill with you and a cash down payment. We will not check your credit. We do ask that all applicants be at least 18 years of age. You can have a co-applicant if you wish.
Benefits of a Car Loan
Once you are approved for your car loan and begin making timely payments, you will start to accrue a credit history, which will be recorded with the three credit bureaus. The credit bureaus will calculate your score based on the length of time you’ve had the loan, the timeliness of your payments and how you rank with other individuals in your credit peer group. While you will not have a perfect credit score right away, you will be able to apply for loans in the future with companies that require credit scores.
To learn more about our no credit, auto loans, call our office at 860-649-3000.