How to get a no credit check car loan | finder.com
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How to get a no credit check car loan

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You don’t need a credit score for these loans but are they worth it?

No credit check car loans might be tempting if you’ve been denied in the past. However, no credit check loans can be extra-expensive and might not be worth the price.

How do no credit check car loans work?

No credit check car loans work like any other car loan. The difference is the lender assumes that you have bad credit — possibly worse than you actually have. You’ll likely end up with:

  • Large down payment. It’s hard to get full financing with bad or no credit — which a no credit check loan assumes.
  • High rates. No credit check lenders tend to ask all borrowers for the same rates, which are typically less favorable those that consider your credit.
  • Long loan terms. Many no credit check car loans have terms over five years. This combined with high rates means that you could easily end up paying multiple times your car’s value.

Since these loans likely have high interest rates and unfavorable terms for you as a borrower, so they should only be used when no alternatives are available.

Compare car loans for all credit types

Rates last updated November 20th, 2018

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Unfortunately, none of the personal loan providers offer loans for that credit score. If you are in urgent need of a small loan, you might want to consider a short term loan.
Name Product Product Description Min. Credit Score Term of Loan Requirements
car.Loan.com Car Loans
Apply with a simple online application to get paired with a local auto lender. No credit and bad credit accepted.
300
Varies by lender
Must be a US citizen with a current US address and employed full-time or have guaranteed fixed income.
Auto Credit Express Car Loans
Get connected with an auto lender near you, even if you have bad credit.
300
Typically 3 to 6 years
Must be employed full-time or have guaranteed fixed income of at least $1,500/month and be a current resident of the US or Canada.
LightStream Auto Loans
Quick car loans from $5,000 to $100,000 with competitive rates for borrowers with strong credit.
Good to excellent credit
Flexible terms
Good or excellent credit, enough income or assets to afford a new loan, US citizen or permanent resident, 18+ years old
RateGenius Auto Loan Refinance
Connect with a network of over 150 lenders to refinance your car loan.
510
Varies
Income of $2,000+/month, vehicle has less than 150,000 miles, no older than 10 model years, loan balance is at least $10,000, debt-to-income ratio: less than 50%.
LendingClub Auto Refinancing
Lower your monthly car payments and save on interest through a fast and easy online application process.
Fair or better credit
Minimum of 2 years
Car must be less than 10 years old with fewer than 120,000 miles. Current loan must have a balance between $5,000 and $55,000 and at least 24 months left in its term.
MotoRefi Car Loan Refinancing
A car loan connection service for borrowers looking to refinance.
525
1–6 years
Must have an income of at least $2,000/month and have a vehicle with less than 100,000 miles.
LendingTree Auto Loans
Compare multiple financing options for auto refinance, new car purchase, used car purchase and lease buy out.
Good to excellent credit
Typically 1 to 7 years
Must be a US citizen and 18+ years old. Must have good to excellent credit.

Compare up to 4 providers

What do I need to apply?

Just because your lender isn’t checking you credit doesn’t mean it won’t consider other factors. Typically you need to provide the following when applying for a no credit check loan:

  • Proof of steady employment. This could include your last few pay stubs, information about your employer or any other job-related questions.
  • Proof of your ability to repay. A lender wants to know you’ll be able to repay the loan, even if you have bad credit. A low debt-to-income ratio will help prove you’re able to handle the monthly payments.
  • A sizable down payment. The less you have to borrow, the better. This also indicates that you’re responsible enough to have a savings, making your application stand out more.

Alternatives to no credit check car loans

  • Car loans with a cosigner. Bring on a cosigner to help you meet credit and income criteria or qualify for better rates.
  • Personal loans with cosigner. Don’t want to risk losing your car? Consider applying for an unsecured personal loan with a cosigner who has strong credit to help you qualify for more favorable rates and terms.
  • Car loans for students. Don’t have a credit score yet? Lenders like Boro offer auto financing specifically for students — and even accept applicants on a student visa.
  • Bad credit car loans. Even a car loan provider that accepts bad credit might come with more favorable rates and terms than a no credit check loan.

What are the dangers of a no credit check car loan?

  • Large repayments. Even with long terms, no credit check car loans can come with high repayments, thanks to high rates. Use our calculator to make sure you’re signing up for something you can afford.
  • Repossession. If you’re late enough on your car loan repayment, you could end up losing your car.
  • Car loan scams. While no credit check car loans aren’t necessarily a scam on their own, you might want to look out for other warning signs like guaranteed approval.

Bottom line

A no credit check car loan may be a good option if you have nowhere else to turn and need a car, but it doesn’t hurt to see if you prequalify for a car loan with a better interest rate.

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