need a loan with no credit

need a loan with no credit

Personal Loans For People With Bad Credit Or No Credit

Bad credit or no credit makes it tough – but not impossible – to get a loan. Credit unions, home equity and peer-to-peer loans or even debt consolidation with no loan could improve your credit rating and increase your future options.

Personal Loans For People With Bad Credit Or No Credit

You may have seen it on a sign somewhere or possibly on your TV or computer screen: “No credit, no problem!” Don’t believe it. The truth is, when you need to get a personal loan and you have no credit or bad credit, there definitely is a problem. It’s not an insurmountable one, but it is a problem nonetheless.

Having poor credit makes you a high-risk customer to major banks, credit unions and other major lending institutions. Those lenders have strict standards, and they rely on credit scores when picking their borrowers and calculating loan terms. Unless lenders are assured that their loans will be repaid, they simply won’t make the loan. In addition, heightened regulations and tighter internal controls by lenders in the wake of the Great Recession make today’s lending climate a tough one for borrowers.

So when your credit is bad, you may feel like you’re at the mercy of payday lenders and other sources of financial help, sources that will only loan you money if you agree to repay it at high, or “subprime,” interest rates. These loans are fool’s gold. They often you leave more in debt than you should be. In fact, payday loans are illegal in 13 states because of their predatory terms.

To understand how your credit affects your personal loan options, the best place to start is to understand your credit score. Free credit scores are now available at several online sites.

The National Foundation for Credit Counseling says that 60% of Americans haven’t checked their score in more than a year.

Some common signs of a bad credit score include:

  • You are paying higher interest rates than you see advertised
  • You have stopped trying to pay down debt and are satisfied making minimum payments on high interest credit cards
  • You have a history of late payments for housing, utilities or other monthly bills
  • Your checking account is overdrawn on a regular basis
  • You have problems getting a lease for housing
  • Cell phone companies won’t give you a contract

All of these have a negative effect on your credit score, making it more difficult to get a loan. Don’t get sucked into a situation that sounds too good to be true. If you have bad credit and need a loan there are options available but it will take a little time and research to find the one best suited to you.

Credit unions are similar to commercial banks in terms of their services, but they are owned by their members rather than by profit-seeking shareholders. Credit unions are nonprofit institutions, meaning they pass their earnings along to their members in the form of lower fees and borrowing costs and better customer service.

A credit union – especially one affiliated with your employer or one that is community-based – may be willing to look beyond a poor credit history and make a judgment about whether it will loan you money based on your character and your promise to repay, regardless of if you have bad credit or not. Think of them in the way you would a small community bank from years ago.

Although the recent recession forced a number of smaller credit unions around the country to merge with larger ones, almost all credit unions are actively looking for borrowers. If you can afford terms that match your credit history, you are likely to find a credit union somewhere willing to work with you.

If you are thinking of asking a credit union for a personal loan, look for one with which you have something in common. For example, if you are a veteran of the armed forces, you might want to approach the Navy Federal Credit Union. If you are a teacher, there are credit unions created by and for members of that profession.

By joining a credit union, you could position yourself for much more favorable loan terms, regardless of your credit score.

The Navy Federal Credit Union caps its personal-loan annual percentage rate (APR) for members at 18% — and that holds true even if your credit score is 600 or less.

In the same credit situation, a bad-credit borrower might receive a 36% APR from another lender.

Let’s say you have a three-year, $10,000 loan. Here is the total repayment:

The chance to save more than $3,000 makes it worth looking into enrolling in a credit union.

In Shakespeare’s “Hamlet,” the character Polonius admonishes his son Laertes to be “neither a borrower, nor a lender.” While this advice is prudent when dealing with strangers, it might be even more judicious if you’re thinking about borrowing from family members or friends. Not repaying a loan to a relative or close associate can poison relationships in ways that go far beyond a bad credit report.

Nevertheless, sometimes those closest to you are your best sources of funds and a family loan can benefit everyone involved. You should always treat any loan from someone you know just as if it were an important business transaction between you and a stranger. That means it should be formalized with clear documentation and legally recorded. To avoid future problems, create a written contract that includes the loan terms and interest rate, and what will happen if you cannot repay the debt.

If borrowing from a friend or relative is not possible, you can still approach someone with good credit who trusts your capacity to repay the loan and you can ask him or her to be a co-signer on a personal loan from a traditional lender. With a qualified co-signer, the lender will set the loan terms based on the credit score of the person with good credit, who will then be equally responsible for repayment. All payment information will be recorded on both yours and your co-signer’s credit reports, so if you default on the loan, or you’re late with payments, you will severely damage your co-signer’s credit score. However, if you make timely payments, your own score will improve, making it easier to obtain future loans without a co-signer.

If you have equity in your home, you can apply for a home equity loan or home equity line of credit (HELOC). Home equity is the difference between the amount your home can be sold for and your mortgage. Your home is used as collateral, and home equity loans can be obtained regardless of your credit score. The interest rate is usually low, because the loan is secured by the home. Also, the interest you pay on a home equity loan is usually tax-deductible.

Unlike a home equity loan, which is a lump sum of cash, a HELOC acts like any other credit account. You can access money when you need to, up to the loan’s credit limit, and you must pay it back according to a predetermined schedule. In both cases, it is important to remember that tapping your home equity puts your property in jeopardy if you don’t repay the debt. But if you are disciplined and have a reliable source of income, it is an inexpensive way to borrow from a reputable lender if you have bad credit.

One of the benefits of a home equity loan or HELOC is the extended loan term (15 or 30 years). The long term will substantially lower your payment, though you will pay more in interest over that time period.

Peer-to-peer lending, also known as person-to-person lending, is a relatively new loan form, having only been around since 2005. It’s an online platform that allows you to borrow directly from another individual rather than from an institution. Potential borrowers can post a loan listing on various peer-to-peer websites, indicating the amount wanted and what it’s for. Investors review the loan listings and choose the ones they wish to fund.

Your credit score is still a factor, but since an individual investor has much greater leeway in how it is to be weighed these loans are often more readily available for people with bad credit. Lending standards are significantly more lenient and interest rates are usually lower than those offered by traditional lenders. In addition, peer-to-peer websites help evaluate risk for the lender, while verifying the lender’s credentials for the borrower.

If you are pleased to carry on you sign on the internet by providing details of your name and answering a security question such as your mothers' maiden name. Subsequently, email this back to the fund and the loan provider will be deposited into the bank account you registered at the program procedure. The money could be deposited on the same day you make the application, so it is a very fast and efficient way of borrowing money short term.

It really is true that payday loans are not an excellent alternative for many individuals in a budget crisis. The interest is high and the settlement period is speedy. Individuals who constantly fight with cash issues are much less successful with this type of money help. The end result masks the origin of the debtor's financial difficulties. There are major contributing factors to the budget dying of a family. Why the debt problems for lower income people are left to hang on the heads of an immediate lender remains a conundrum.

It seems somewhat peculiar and unfair that unethical debt collectors are allowed to remain in business after breaking numerous rules and so are given leeway when they can not pay up as a result of their activities, especially when individuals faced with similar financial dilemmas are judged so harshly and may have to spend years following a series of credit tips to remedy credit in order to become a great borrower again. But the aforementioned instances should emphasize if collectors are coming after you, how careful you must be. Don't forget, debt collectors can't lie to you - that's prohibited. But apparently when consumers do lie and deceive, they can still stay in business following a smack on the wrist.

The biggest advantage of such loans is that you can obtain the much-needed money that was otherwise unavailable to you personally. This means you'll be able to make use of the cash pay for an emergency, consolidate debts, to finance a purchase, or improve your credit history.

When you need money, there’s a good chance you don’t want to wait days, or even weeks to see if you’ve been approved. You also don’t want to fill out mountains of paperwork, have your credit and income put under a magnifying glass or answer invasive financial questions. What you want is easy to request loans, with no credit check.

There is a quicker, easier and less invasive way to get the funds you need. How? Request a personal loan with no credit check necessary. This gives you the money you need and plenty of time to pay back the loan – it’s a whole new world of lending.

Personal Loans that Fit Your Life

There are personal loans that have been uniquely designed to help you get the funds you need when you need them. The request process is easy. The request form requires some income information, but, in most cases won’t require you to send any documentation, and the request process is simple. Another benefit of online loans is that you can have up to 18 months to pay the money back. This means there is no worry about having to repay a large sum of money on your next payday or even the next month.

Bad Credit is No Longer an Issue

If you have bad credit, you may find securing a loan is virtually impossible. Traditional lenders require quite a bit of documentation and a credit rating that is good. Bonsai finance is the ideal solution when it comes to online cash loans.

While some information will be required about your credit score, it will only be visible to you, which means our inquiry will not further hurt your credit rating. The online loans we can help you find are a quick and easy source of emergency fun. The loans will be available right away, rather than having to wait days or longer. This is why all the request processes and formalities are kept straightforward and simple.

Advantages of Loans with No Credit Check

Our loans have been uniquely designed for borrowers who have a low credit score and who find it challenging to get loans from more traditional sources. They are not based on credit history and don’t require a credit check. Instead, they are based on your current position, the amount of income you have coming in on a regular basis and how easily you will be able to repay the loan within the agreed upon term.

The Benefits of Loans with No Credit Check

If you are tired of hearing “no” and want to find a new way of borrowing money, then it is time to consider an online personal loan. With this, you can get loans with no credit check. Simply indicate the amount of money you would like to borrow, and how much time you need to pay it back. You will finally be able to get back on your feet financially; you will love the way we lend.

Get Loans With No Credit Check

When you’re in need of quick cash to pay a bill, make repairs on a vehicle, or buy needed household items and you can’t wait for payday, you may be wondering where to turn. If you have poor credit, you might wonder if you will be approved when requesting traditional loans because lenders will definitely check. You might feel like you have hit a wall.

To qualify for some loans, credit must be above a certain score, and many people don’t qualify. You may also be required to provide collateral for other loans, and there are many who do not have the assets to do so. If you’re in this situation, you should consider personal loans without credit check options.

Search Your No Credit Check Loans Options

When looking for a loans lender, checking for different options is the first place to start. There are a variety of loans with no credit check available and may be called a payday loan, personal loan, or unsecured loan. Make sure you do a thorough search to make sure you see all of your choices.

Compare Rates, Terms, and Other Details on Loans With No Credit Check

It’s important to know the terms of the available credits, financial information you’ll be required to submit, and other applicable information. While some loans may require above average credit, loans with no credit check do not have the same requirements.

Ask Questions About the Loans Without Credit Check

When you’ve narrowed down the list, contact a customer service rep and ask questions about rating, financial information needed, monthly payment options, and in what amounts loans can be secured. There are a variety of loans with no credit check available, so go with the company that makes you feel the most comfortable and provides you the options you need.

When you have less than great credit, it can often be difficult to qualify for traditional loans. Check your options in the form of unsecured loans with no credit check to find the best one to satisfy your needs.

You only get paid once every month. But your expenses pile up every day. Cars need to get fixed, bills need to be paid and student loans need to be reimbursed. You try to pay off as many of these expenses as you can, but often there’s that one missed payment installment that leaves you in debt.

So you try to go to the bank to get a loan to pay off the money you owe your lender. And there you are brought face to face with the fact that your poor credit history makes you unsuitable in the eyes of the bank for receiving a loan. What do you do now? Maybe try again next month for a loan? That’s a bad option.

When you Need an Immediate Loan

The thing about loans is that they never pop up at a time that is convenient for you. Lenders don’t care whether you’ve been sick, or unable to find work, or trying to pay up three other loans the same month. When the deadline arrives, either you pay back the money you owe, or you end up losing your house/car/personal belongings that you kept as collateral, or worse, end up in jail.

That is why the current method of getting a loan, where you have to provide full details about your financial history, fill out tons of paperwork, and then wait for days and weeks while knowing there is a good chance you may not get approved, is so cumbersome and unsatisfactory.

What if you could get a loan right away without first having to provide a credit check? Such an idea may have seemed impossible once upon a time, but thanks to the internet, it has now become a reality.

Personal no credit loans are a fast, easy way to get your hands on some ready amounts of cash. The entire procedure of requesting and receiving the loan can be completed online within a single day. You will be asked to supply some personal information, but no documentation needs to be sent over. Once you get the no credit check loans, you have up to 18 months to pay the money back.

Most people use personal loans to pay off their other loans with no credit that have been piling up for some time and demand immediate action. The beauty of personal loans is that since they are so easy to get and require no credit check, you can take out a single personal loan, and then use that one loan to pay off all the other loans. Now you only have one loan to worry about paying back, and the interest rate on your return should go down, since you are paying back a single loan instead of several. Your finances will become much less messy if you only have to pay a single loan instead of many no credit loans.

Loans with No Credit History Check

The biggest problem with traditional lending organizations is how difficult they make the entire process of requesting a loan. If you have bad credit, as does everyone at some point in their lives, it is unlikely the bank will give you a loan.

At Bonsai Finance, we understand that your credit history is not always under your control. That doesn’t mean you should be deprived of badly needed loans. Any kind of emergency may pop up over time requiring immediate funds. We kept that fact in mind while designing our website, to make sure the need for a credit history check was eliminated, and the process of requesting the loan is made simple and streamlined for a quick transaction with no credit check loans.

Of course, entering into an online transaction blindly can be a bad way to pay off your debt, so you need to be smart about it. While searching for a lender online, view the options each lender offers in terms of how much money you can ask for, how soon you’ll need to pay it back, and how much interest will be charged for no credit check loans.

The loan you decide to avail of may be a payday loan, a personal loan or an unsecured loan. Make sure you fully understand the terms of the transaction before you commit to a particular loan with a particular lending company.

Now that you have decided on the company, and the type of loan you think will best serve your needs, get in touch with the company’s customer support and ask them questions about their rating, payment options, required collateral, etc. for no credit check loans.

At Bonsai Finance, we understand the anxiety that you must feel when you are in debt, and our primary aim is to help lessen your anxiety by guiding you through the transaction process and explaining every aspect of our business in a simple and easy to understand manner.

Here’s another reason why online loans with no credit are how a lot of our future transactions will be carried out: It’s way more convenient. Go to any bank in your neighborhood, and you will see a long line of hopefuls looking for a loan to end their money woes. Even if they have an impeccable credit history, getting a bank loan can be a long, torturous process that involves long hours of standing in line and repeated commutes to the bank building.

With online lending, the entire process of getting a loan is conducted at your own house. All you need is an internet connection and a comfortable chair to sit in while you fill in your personal details and the amount of money you need to get no credit check loans for.

So come join the ‘Loans with no credit history check’ revolution, and let Bonsai Finance take care of all your financial needs in your own home!

How to Get a Loan with Bad Credit

It might not seem like a big deal but getting a loan can be a major feat. With lenders tightening the purse strings on loaning funds after market meltdowns and financial crisis after crisis, landing a loan can become a huge endeavor. Throw in bad credit and the chances of getting a traditional loan become slim to none.

However, there are options for those who have less than stellar credit, even no credit history at all. Online personal loans offer an opportunity for potential borrowers with credit issues to get the cash that they need with little to no hassle and very few hoops to jump through in order to obtain the loan.

Requirements for Getting a Loan with Bad Credit

Here is how to get a loan with bad credit in a nutshell. You have to qualify for the loan by meeting some simple criteria.

  • U.S. residency
  • Between the ages of 18 and 65 years old
  • Bank account to verify regular source of income and for making loan payments
  • Active phone number with the ability to receive both voice and SMS text messages
  • Debit or credit card for backup provision for repayment of loan

Meet these qualifying criteria and we can begin to identify the right type of loan and lender that matches with your needs in the form of an online personal loan.

Common Features of Online Personal Loans

Some of the common features of an online personal loan from one of our lending partners include:

  • Clearly defined terms
  • Competitive interest rates
  • Fixed interest rates
  • No origination fees
  • No credit report required

While these might seem expected, these features are not always commonplace in the lending industry. When it comes to dealing with borrowers with a negative credit history or no credit history at all, our lenders have the potential to make loans on their own terms. These types of loans are perfect for those who wish to either rebuild their credit history as well as those who want to take the initial steps in establishing their own credit history.

How to Use the Money from an Online Personal Loan

Once you know how to get a loan with bad credit, you need to know what to do with the money from that loan. The beauty of it all is that you do not have to use the money based on any type of restrictions imposed by the lender.

You can use the money to:

  • Buy a new or used car
  • Go back to college and complete a degree
  • Make repairs around the house
  • Pay for a long awaited weekend getaway or an extended family vacation
  • Pay off high interest debt like credit cards or student loans, even hospital bills

There truly is no limit to how you might use the funds from an online personal loan. You just need to know how to get a loan with bad credit or no credit as the first step to getting started.

A major issue with debt is admitting the problem early on. The descent to uncontrollable debt is often ignored. The realizing that there is a problem usually comes too late. It is important to take action early. Once late fees start piling up, the situation can decline quickly. Even one late payment can indicate that it is time to get help. Be honest with yourself about the situation. If you take action quickly, you can restore financial security in a short time period. Bonsai Financial has the resources you need to get control. This includes a debt consolidation loan bad credit option.

The first step to getting control is to consider all of your options. The most effective solution is a debt consolidation loan bad credit option. Payments have to be made on a regular basis, however, and they are usually much lower than the individual card payments. This option also stops further late fees from occurring, allowing your payments to actually make a dent in your balance. Take control of the situation by visiting Bonsai Financial’s website and filling out a simple request form. We can help you find the right lender for your situation.

Credit can be a major obstacle when it comes to achieving loan approval. Yet, a loan can be the answer to improving your credit. This scenario often discourages individuals from requesting help. The one thing that can help remedy the problem often seems out of reach. There are, however, special loans aimed at solving this problem.

Debt Consolidation Loan Bad Credit

The best loan for getting debt under control is a debt consolidation loan for bad credit. These loans are specifically created for those with low credit scores. A lender does not expect applicants for this type of loan to have a perfect credit score. That would defeat the purpose of the loan. A low credit score results from failure to keep up with credit payments. You should go into the request with a feeling of confidence. This action is the first step to regaining your financial freedom.

There are many reasons why credit card payments get behind. Your personal reason may actually help achieve loan approval. Keep all documentation that proves the reason for your lack of payments. If you lost your job, provide termination papers or unemployment letters. If an illness or injury kept you away from work you can submit medical statements and bills. This shows the reason for missing work and states increased monetary responsibility. Valid reasons for missing payments demonstrate a temporary complication. Lenders also like to see a solid payment history up to the time when the financial hardship began. Keep track of all paperwork that helps define your personal situation.

Contact Bonsai Financial today to learn more about your options for a debt consolidation loan, even if you have bad credit.

Debt Consolidation Loans bad credit accepted

One situation in which a no credit check loan may be needed is with debt consolidation loans.

Many times, people with bad credit get into a situation where they have multiple loans “breathing down their necks,” meaning too-high and too-many monthly payments and unacceptably high interest rates and fees.

Late fees pile up. Creditors start calling and don’t stop. It becomes clear that unless you find another way to manage and pay back you debt, you’ll never get it off of your shoulders.

“Isn’t there another option?,” you ask. And, indeed, there is. One of the most accessible and quickest way to fix these problems is through debt consolidation.

Benefits of Consolidating Your Debt Into One Loan

The main principle behind debt consolidation loans is that a single loan is much more manageable than multiple loans. When you have only one loan to think about, one interest rate, one monthly payment and due date, and one creditor to deal with, things get a lot less “complex.”

But what other benefits might there be to a debt consolidation loan?

Here are 6 good answers to that question:

  1. You can often get a lower single monthly payment than the sum of your multiple current monthly payments.
  2. You can often get an interest rate that’s lower or just as low.
  3. You frequently can get more time to pay your debt off. Of course, that means you’ll be paying longer, but it also means the pressure on you is let up.
  4. There is little risk of late payment and other fees since your monthly payment has a single due date and is more within your ability to faithfully pay on time.
  5. The endless calls from creditors finally really WILL end, giving you peace of mind and evaporating your fear of answering the phone.
  6. You will be in a better position financially to start rebuilding your damaged credit score.

At Bonsai Finance, we can assist you in weighing the pros and cons of a debt consolidation loan. And we can use our powerful search engines and longtime personal experience with numerous lenders to help you identify which debt consolidation loan best fits your needs.

We know how to steer you clear of disreputable consolidation lenders, and help you find not just a good but the best available deal.

And we can search and match based on any criteria you want, including finding lenders that accept bad credit and that do not run credit checks on loan applicants. We can find you your lowest APR or your best lender based on other important factors like payment size and loan term.

Whether you are consolidating student loans, car loans, personal loans, or a combination of loan-types, and regardless of your past credit history, we can find debt consolidation loans bad credit won’t keep you from getting approved for!

Applying for a Loan with No Credit

No credit? No big deal, right? Wrong. How much money do you have in your checking and savings accounts (or under your mattress)? How long would that sum tide you over if you lost your job? Would it be sufficient to pay for an expensive car repair or emergency medical procedure? Credit is a safety net you can fall back on when you need emergency personal loan. It's also necessary if you want to finance a new car or home purchase. Loans with no credit can help you secure a credit history.

What Does Having No Credit Mean?

Every person with credit has a credit score. For example, a common scoring system, FICO, rates credit scores as follows:

Excellent (750 to 850 credit score)

Good (660 to 749 credit score)

Fair (620 to 659 credit score)

Poor (350 to 619 credit score)

Having no credit does not mean you have a zero credit score. It means you've never established a credit history. Lenders don't know how risky it would be to lend you money.

Reasons Someone Might Have No Credit

If you've never borrowed money from a bank or credit union, never had a credit card or never had a utility bill in your name, you may have no credit, or a thin or non-existent credit file. You are, essentially, living off the credit grid. There's nothing wrong with paying cash through life. However, even if you prefer to live a pay-as-you-go lifestyle, it's still wise to build a credit history. You never know when an emergency will arise, and you'll need to borrow money. When you have no credit, securing personal loans from traditional lenders can be tricky.

Requirements to apply for our personal loans?

If you need cash or wish to build a credit history, we encourage you to apply for a LendUp loan. We do not conduct traditional credit checks, and we lend money to people regardless of their credit scores. Whether you have good, bad or no credit, you may have a chance of being approved for a LendUp personal loan if you meet the following criteria:

Live in a state in which LendUp is licensed

Are 18 or older

Have a recurring source of income

Have an active checking account that accepts electronic transfers

Have a valid phone number, e-mail address and physical address

Are not an active military member or the dependent of an active military member

LendUp's mission is to offer a hand up to those who are in dire need of emergency funds. What’s more, LendUp offers free online financial education courses to empower you with financial knowledge to get you on a better path the financial health!

LendUp offers loans with no traditional credit checks to its customers. And with the LendUp Ladder, we strive to provide a path for customers in eligible states to move up and earn access to apply for more money at a lower cost. See The LendUp Ladder for details.

Unlike payday lenders, LendUp gives clients opportunities to improve their credit. For example, we have a program that rewards points to customers who make responsible choices. Clients who accumulate specific numbers of points may be eligible to borrow more money at lower interest rates and have a longer period of time to pay off these loans.

LendUp does not penalize applicants for what they lack. LendUp’s personal loans don’t require a good credit history, and taking our free online financial education courses can help improve your credit score in the long run.

Disclaimer: LendUp is not providing financial, legal or tax advice. If you need or want such advice, please consult a qualified advisor.

Do you need to get a car loan with no credit history? Fortunately, you have come to the right place. We specialize in helping consumers with little to no history of credit find a lender willing to finance them. All you have to do is apply online. Our secure application system utilizes advanced SSL (https) encryption, so your privacy is secure. When you apply, our advanced system goes to work placing your application with a lender willing to approve you despite your lack of credit history. In some cases, you may even qualify for a student or first-time buyer discount! There are no fees, no hassles, and no obligations.

Keeping Your Rates as Low as Possible

At the early stages of your borrowing career, getting approved for a significant installment loan can be a “chicken or the egg” scenario. Without credit history, it is very difficult to get the auto loan you need, and yet having a loan is necessary to establish a significant history of debt repayment.

Lenders, of course, want to see a consumer’s credit history in order to determine a couple of things:

  1. How Likely Are You To Repay This Loan?
  2. What Interest Rate Should They Charge?

Many lenders are unwilling to finance people with no credit, as they cannot accurately answer these aforementioned questions without something concrete to go on – a history of credit. Fortunately, we have partnered with lenders across the nation who can and do offer auto financing for students, college graduates, first time car buyers, and other people who have not had a chance to establish their credit in a significant way. Other lenders, because the risk of lending to such candidates is higher, charge much higher than average annual percentage rates (APR). Fortunately, there are a few things you can do to 1) maximize your chances of approval, and 2) lower your interest rates.

Cosigners For People With No Credit

The single most effective strategy is this: get someone with good credit to cosign your auto loan. Typically this will be a parent, spouse, or close family member. Effectively, if your cosigner has good credit, you no longer need an auto loan with no credit, per se. Now you have a credit history underscoring and securing the loan. But remember: cosigning any loan is a very big responsibility. Your cosigner will be 100% responsible for the repayment if you are unable to make your payments for any reason. If someone has agreed to cosign your auto loan, make sure to indicate this on your secure online application.

Income and Employment Considerations

When your credit history is minimal, lenders will want to see that you at least have the income and job stability to repay the loan they give you. For this reason, it is especially important to have at least 1 year of employment under your belt and a monthly income in the $1500 to $1800 range, minimum. This can definitely be a challenge for students and recent graduates who do not have a great deal of income or employment history. If your income is less than $1500 per month and you less than 1 year of experience at your current job/employer, it will be best to find a cosigner if possible. This will increase your chances of getting the car loan you need, and it will dramatically reduce the APR rates you’re charged for this loan.

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