Are you a student or a newcomer to Canada? Want to buy a car on loan or for the first time? Have you opted to get a loan to purchase a car for easy and suitable convenience? The first query you must face from any car financial institution or bank is “have you ever had any credit purchase or any kind of loan before?” If you have never had a loan, you will be treated as a weaker candidate to get approved for a car loan.
It may sound surprising, but before being considered for a car loan, one of the more important facts for the lender, creditor or financial service agency or bank, is they track can a person’s past credit history. These people are usually more dependable or agreeable for a car loan than that person who has never had to borrow a penny.
It would not be easy to get a car loan approved if you have not been repaying a loan including a credit card or at the very least, have a history of repaying a loan in recent time, if not, then you may have difficulty being approved.
Car Loan Credit
A stable income, assets and working status is secondary to count you as a trustworthy client if you do not have a credit history. You may face trouble getting a No Credit Car Loan in Canada because your credit score is low without a credit or payment history.
Without a prior purchase or not using credit cards responsibly over the years, auto finance agencies in Canada will generally hesitate to consider you as a viable candidate for a car loan. Don’t get disheartened if you do not leave any credit history. There are multiple auto financiers and lenders including bankers and those who are ready to approve you for No Credit Car Loans. But before getting into the details of a no credit car loan you should know if you really need this type of loan.
Who are considered for No Credit Car Loan?
If you are buying a car on credit for the first time, then you are considered a first-time buyer.
If you are a newcomer or have recently become a permanent resident of Canada and you are trying to get a car loan, you will be considered a no credit candidate.
While it is true for many Canadians, that they do not need a credit card or financing.
If you are applying for credit for the first time, you are also eligible to get a no credit loan.
A bad credit history reflects a credit score low which reduces the chances to get a car loan in Canada.
But, if you have a poor credit history or your credit is not yet established you can still purchase a car on loan if you seriously try to shop for a loan before you shop for a car.
Finding a suitable lender under the circumstances of no credit or bad credit is not so hard. Apply now for a No Credit Car Loan and get approved for a vehicle today with Canada Auto Experts. We are auto financing experts and you are just a click away to get your car loan approved. We, Canada Auto Experts, have been offering a sophisticated bidding system for years which guarantees the best auto financing service in Canada.