If you are a new citizen of the United States, you may be curious as to how to go about purchasing your first car. Whether you're in the market for a brand new car, or a just a vehicle that is new to you, acquiring financing for such a purchase can be tricky.
Usually, when you apply for an auto loan, your prospective lender will check your credit report in order to determine whether or not it will be risky to loan money to you. And if you are relatively new to this country, while you may not have "bad credit," it is likely that you have little or no credit to speak of, so it may be difficult to be approved for a loan through a conventional source.
Taking Time to Build Credit
If you are not in need of a vehicle right away, you may want to consider building up a credit history/score before making a car purchase.
- Get a secured credit card. These cards can be used like "regular" credit cards, but your spending limit is set by a deposit that you put down. Unlike prepaid cards, payments made on secured credit cards are reported to the 3 primary credit bureaus (Experian, Equifax and TransUnion), so paying on time every month gradually increases your credit score over time. And if you keep a secured line of credit open long enough, your issuing company may transition you over to an unsecured credit card with a larger spending limit.
- Become an authorized user on an existing credit card account. If you have a friend or family member with good credit who is willing to let you do this, you will benefit from all positive activity that is associated with this account. Just remember that if you are issued a card (not always the case) your friend or family member will also be affected by how you handle the account, so make sure to be responsible with your spending and payment contributions.
When You Need a Car Immediately
If you need access to reliable transportation because of work, school or just everyday activities, it is entirely possible to get financing to purchase a vehicle. You just need to go to the right place.
- Try a Buy Here Pay Here (BHPH) dealership. Buy Here Pay Here dealers generally don't have to check your credit in order to sell you a car. As long as you have a down payment, proof of a reliable income (recent pay stubs), a driver's license and residency verification, you can get vehicle financing.
- Get approved for a no credit car loan through a qualified dealer. Again, as long as you can prove that you have an income, there are lenders that are willing to take chances on buyers who have little to no credit. And in order to be connected to one of these lenders, you just need to find a dealer that is trained in special finance, and Auto Credit Express can put you in touch with one that is near you.
A Quick and Easy Car Buying Process
With Auto Credit Express, it is possible to apply today and drive tomorrow. Our experts are able make purchasing a new or used car, truck or SUV as simple as possible, and we have already helped thousands of buyers just like you. Fill out our fast and secure application to get started today.