Automotive Loans and Financing News
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Getting approved for a loan without a credit history can be tricky, especially since lenders want to see that you’ve borrowed money before and successfully paid it back.

But, having no credit history or an inactive credit report doesn’t mean that you’ve reached a dead-end – there are ways to qualify for a loan.
Here are three options to consider: 
1. Show Proof
If you have no credit history to fall back on, you can gather documents, like your bank statements, employment history, past residences and utility receipts, to show lenders that you are financially responsible. Depending on what information you provide, this may help you qualify for a loan.
2. Find a Co-Signer
If you have a relative or close friend willing to be your co-signer, lenders may be more apt to approve you. Keep in mind that your loan will reflect your co-signer's credit rating and that they will be responsible for any debt you’re unable to pay. 
3. Start Building Your Credit History
It’s never too late to start building your credit history. Start small by signing up for a low limit credit card or see about qualifying for a car loan. As you pay your balance on time each month, your credit rating will go up, which will help you establish a history. 
Have no credit and need help securing an auto loan?
At Auto Locator, we’ve assisted hundreds of customers from across the Lower Mainland to establish healthy credit scores by getting them approved for auto loans. We can do the same for you! 
Click Here to complete our quick and secure online application. It takes just minutes to fill out and one of our Finance Specialists will be in touch within 24 hours.
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If you’ve been turned down for an auto loan before or have bad credit and fear you won’t be able to qualify for one, it can feel like you are caught in a trap of desperation. After all, if you need a vehicle to get to work, school or other personal commitments, but don’t have the means to purchase one, a loan can be your only option. 
This is where auto loan scams come into play. They prey on unsuspecting people who are looking for a loan, but, in turn, cause them major financial distress by stealing their personal information.
Like the saying goes, if it sounds too good to be true, it probably is. Here are some red flags to be mindful of:
• Beware of emails saying that you have been pre-approved for an auto loan you never requested. Unsolicited emails are a prime source of identity theft.
• Watch out for lenders who avoid disclosing their location and contact information.
• Beware of lenders that only request your bank account information.
• If the lender does not have a brick and mortar office and offers to contact you, they may be a scammer.
• Never pay money up front or give a deposit in order to receive an auto loan.
• Look for written communications with poor spelling and grammar, or from spammy email accounts.
Like with all things financial, it’s best to partner with a reliable, trustworthy source with a strong track record of service. If you need an auto loan, but have bad credit or no credit, Auto Locator can help. With over 50 years in the automotive industry, we’ve assisted over 500 customers across the Lower Mainland and we can do the same for you.
To learn more, please contact our New Westminster, B.C. office to speak with a member of our team, or complete our secure online application by Clicking Here.