TRURO, Nova Scotia, June 30, 2014 /PRNewswire-iReach/ -- Drivers with the hopes of obtaining a car loan without having first established a credit history, will often run into challenges. The team at Easy Car Money wants to offer suggestions to novice credit users on how they may procure a vehicle even without pre-existing credit.
College students often have trouble purchasing a new vehicle because their focus was on school and not building credit. In that instance, Easy Car Money suggests saving money for a larger down payment. Putting more money down will lower monthly loan payments, but it will also encourage car dealerships to offer a loan in the first place. When a young person shows commitment to saving money for the purchase of a car, lenders are far more confident in offering a loan.
In order to get approved for a loan, Easy Car Money recommends gathering all necessary documentation that will help lenders verify the driver's ability to afford monthly loan payments. Drivers should organize their bank statement, documentation of recurring bills and proof of employment. Requesting a credit report will also be helpful.
Another option drivers can utilize is having a cosigner on the loan. This will be a trusted person with established credit who agrees to share responsibility for the driver's loan payments. A cosigner can be a parent, friend or family member who will use their credit as a foundation to help build the driver's.
Media Contact: Christian Thompson, Easy Car Money, (902) 895-7147, firstname.lastname@example.org
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- Consumer Discretionary
- credit history
- car dealerships