Can You Finance a Car with No Credit?

Young Woman Financing a Car

The Sam Leman Automotive Group is proud to work with drivers from all walks of life, and if you’ve been searching for an affirmative answer to this question, you’ve come to the right place! Financing a car with no credit can be difficult, but it’s not impossible. Get the basic facts on the process today, and then reach out to our financing department to learn more about your options.

No-Credit Car Financing: What You Should Know

Before we get started, we should point out that there are certain important differences between financing a car with bad credit, and financing a car with no credit. Your experience will also differ if you decide to finance with a credit union or a bank instead of a dealership.

Now that we’ve gotten that out of the way, there are a few things that all drivers with bad credit or no credit should know before they start their search for a new or a used car.

  • Expect an Uphill Battle: Drivers with no credit should expect to make a higher down payment. Most will also receive a higher-than-average interest rate. Still, for many who’ve been searching for bad credit auto financing, higher payments are worth the chance to own a car.
  • Come to the Dealership with Confidence: The driver who knows their financial situation and shows up feeling confident is more likely to be approved than the driver who is surprised, dismayed, or expecting disappointment.
  • Know Your Score: If you have credit, it’s important to know your score ahead of time. It’s also important to make all of your credit applications within a 14-day period, as a driver who makes numerous applications over an extended period is likely to be seen as a credit risk.
  • Be Ready to Negotiate: Although some dealers might see your lack of credit as a risk, you should know that you’re making a mutually beneficial proposition. The dealership wants to sell you the car, so you should be ready to negotiate for a better offer.
  • Consider a Lease: Since used car leases are uncommon, many drivers with bad credit or no credit don’t even consider the option! However, since leasing is less of a risk for the dealer, it might be easier to get approved than you’d expect.
Couple Receiving Financing

Secure Financing at Sam Leman Automotive Group

If you’re need a car to power your drives around Central Illinois, don’t wait for a miracle to fall out of the sky! Contact your local Sam Leman Automotive Group financing department and apply for financing online or in person. No matter where you’re coming from, and no matter where your credit is at, we want to help you move forward. Find out what you need to qualify, today!

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• Bloomington, Morton, Peoria, IL

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Sam Leman Automotive Group

Bloomington, Morton, Peoria, IL

40.4607752 -88.9687249
Sam Leman Automotive Group 40.4607752, -88.9687249.