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No credit history isn't the same as bad credit. Here's what lenders look at when you don't have a score yet, what to bring, and three ways first-time buyers finance a Chevy at Currie Motors Chevrolet.
Lenders treat them differently, so it's worth knowing which one you are.
Little or no history yet. Common for students, recent grads and anyone who has always paid cash. Lenders fill the gap by looking at your income, job and stability.
A history with late payments, collections or other problems. That's a different conversation. See our bad credit guide.
Recent pay stubs show what you can afford each month.
Steady employment tells a lender your income is likely to continue.
Proof of address, and how long you've been there, shows stability.
A down payment and a lower-priced vehicle keep the amount financed within reach.
We try this first. Apply online and we'll see what lenders will do with your application alone.
A cosigner with established credit can help, but they're equally responsible for the whole loan. Read the benefits and risks first.
No minimum credit score. You need 2 weeks on the job, $500 a week take-home, proof of residence and a valid license. The rate is typically higher than a lender loan. How it works.
We also finance with an ITIN. Financiamiento con ITIN.
Approval is never guaranteed, and a credit application is a hard inquiry. For a lower payment, also look at CarBravo certified used vehicles.
Often, yes. No credit history is not the same as bad credit. Without a score, lenders look more closely at your income, how long you've been at your job and your address, and your down payment. Approval is never guaranteed.
No. Bad credit means there is a history of late payments, collections or other problems. No credit means there is little or no history yet. Many lenders treat a thin file differently from a damaged one. If you do have past credit problems, see our bad credit financing guide.
Not always. We try your application on its own first. A cosigner can help, but they are equally responsible for the full loan. Read auto loan cosigners: benefits and risks before asking someone.
Currie Motors Chevrolet also offers buy here pay here financing. The requirements are 2 weeks on the job, $500 a week in take-home pay, proof of residence and a valid driver's license, with no minimum credit score. The in-house rate is typically higher than a lender loan. See buy here pay here.
Bring your driver's license, recent pay stubs, proof of address such as a utility bill, your insurance information and your down payment. If you're trading in a vehicle, bring its title or loan payoff information.
A credit application is a hard inquiry, which can affect your score. For a first-time buyer, a new auto loan paid on time is also one of the ways a credit history gets built.