Let’s face it unless you live in an area with fantastic public transportation options close by (which most people don’t) it is almost impossible to get by without a vehicle these days. And the process seems simple enough; go to the dealer, look at vehicles, drive a few, buy one. But the fact is when you are a first-time buyer or just someone who doesn’t have much, if any, credit, it can be then become a very difficult ordeal.
So, for those who are reading our post here today, the team here at Vista Auto Group wanted to help these future vehicle owners who may not have a ton of credit find viable financing options for themselves. Here are 6 possible avenues:
Consider a Co-Signer
This might be the quickest and easiest way to not only get approved but also start building your own credit.
Use Alternative Data Information
Things like rent, utility bills, and other expenses can sometimes be referenced in lieu of traditional credit.
Look into Dealership First-Time Buyer Programs
Different variations of these types of programs come and go regularly.
Check Out Small Banks and Credit Unions
This is an especially good option if you already have a history with one.
Review Marketplace Loan Opportunities
These work with individual, personal investors rather than large institutions.
Withdraw from a Retirement Account
While probably the least preferable option, it will establish your credit, so you won’t have to do it a second time.
To find out what other options that you may have when it comes to purchasing a quality vehicle with little to no credit, stop in and see the vehicle sales and financing experts here at the Vista Auto Group. We have been helping folks just like you for years and we will do the same for you. Just stop by 7418 Frankford Ave, Philadelphia, PA 19136. If you’d like to speak with us by phone, simply dial 215.821.3557.