Credit is king, and it dictates a lot of big purchases, such as a car and a house. If you’re thinking about financing a vehicle in Seattle, but you’re deemed a “credit ghost” because you’ve never used credit, can you still get financed? The answer is yes, you can.
Dealers That Accept No Credit in Seattle
Whether you live north near Lake City or south in Georgetown, there are car dealerships around Seattle that work with bad credit, low credit, and no credit borrowers. The key is to know which type of dealer you should visit.
You can try to find a special finance dealership that's teamed up with subprime lenders. These lenders understand and know how to work through unique credit situations, including no credit. They may have first-time buyer loan programs you can qualify for, but they may also ask for a cosigner, substantial down payment, or another type of application boost to offset your lack of credit.
Additionally, you can also consider going to a buy here pay here (BHPH) dealer. These dealerships don’t run credit checks unless they state otherwise. Instead, they base loan approvals on income while also requiring a down payment. As long as you make enough income to qualify, your lack of credit won't matter.
What to Expect at a No Credit Check Dealership
BHPH dealerships are both dealers and lenders, meaning they finance the vehicles on their lots in-house. What this means is you don’t have to visit multiple places to get financed – you can pick out the car and arrange financing all in one place.
To qualify, you're going to need to meet their income requirements. While there's no set-in-stone standard, they base how much of a loan you can get – and which vehicles you can choose – on how much you make.
When you get to a BHPH dealership in Seattle, you’re also going to be expected to provide proof of income. You can do this by bringing in a copy of a recent computer-generated pay stub showing year-to-date earnings. If you're self-employed or an independent contractor, you may need to provide recent tax returns to serve as proof of income.
In addition, BHPH dealers are going to ask that you have a down payment. The amount of money down required also depends on which car you choose. You can use cash, trade-in equity or combination of both as your down payment.
When it comes to vehicle choice, it really depends on the lot. Some BHPH dealerships have newer models with low mileage, while others carry cars that are 10 years old or more with high miles. You never know what you might find until you look at what's available in your area.
Additionally, you may be required to make payments on a weekly or bi-weekly basis, depending on your pay schedule. Your payment may also have to be made in person, which is where the buy here pay here name comes from. Make sure to ask about these all of these details before agreeing to anything.
BHPH dealers may not report your loan or timely payments to the credit bureaus. This means your auto loan won't help you establish a credit history. If you got a loan from a special finance dealership, their subprime lending partners do report loans and payments, so every on-time payment you make helps you establish credit.
Looking for a Dealer to Work With in Seattle?
If credit building is a goal of yours, you're going to want to try to get a loan from a special finance dealership. However, if you simply need a vehicle to get by, and plan on improving your credit score in other ways, a BHPH dealer could be a great option for you.
If you’re a resident of Seattle and don’t want to drive up and down I-5 looking for a dealership that can work with you, we can do the searching for you. Auto Credit Express has been helping borrowers with bad credit and no credit in Seattle and the rest of the country get car loans with the help of our nationwide network of special finance and buy here pay here dealers.
We'll work to get you connected with a local dealership after you submit our free and easy auto loan request form. Get started today!