How to Buy a Used Car With No Credit Score

If you have no credit score, you have limited ability to obtain a loan. When you need a used car and are short on cash, you have to obtain a loan to purchase that automobile. You can buy a used car with no credit score if you have either a stable job or a co-signer.

Instructions

1

Determine your price range. The easiest way to purchase a car without a credit score is to pay cash, so before setting out for a loan, consider saving enough for the purchase. If you determine you need a loan, examine your budget to determine how much you can afford to pay each month and for how long you want to pay. This will help you land on a price range.

2

Obtain financing through a used car dealership that will agree to look at other factors besides a credit score. Some dealerships and the financing companies they use offer loans based on how large of a down payment you can make and on your monthly income. They will verify your employment through pay stubs and interviews with your employer concerning your length of employment. The longer you have been employed, the higher your income and the larger your down payment, the greater the chance you have of being approved for a car loan with no credit score.

3

Seek someone who can co-sign for a loan. Find a close friend or family member with a positive credit score who feels comfortable becoming a co-signer with you. The person you recruit must be willing to be fully responsible for the car while allowing you to make the payments and drive it.

4

Visit your car dealership's finance division or a bank to fill out a car loan application. If you recruit someone with favorable credit to be on the loan, take that person with you. If you are obtaining the loan on your own, provide your name, phone number, current and former addresses, Social Security number, employment information, pay stubs, tax documents, state-issued photo identification card, Social Security card, birth certificate and professional and personal character references. Sign the loan application. If your friend or family member is listing his name on the car loan, have the person provide his information and have him sign the loan application. Wait for the loan approval. Give the down payment to the loan officer. Receive the keys to the used car from the car dealership.

5

Pay the monthly payments on time and directly to the finance company of your car loan.