No Score No More
How Does My Credit Score Affect My Car Loan?
Are you in the market for a new vehicle but have difficulty getting approved as a first-time buyer? Struggling to find a co-signer to increase your eligibility? If you've ever been denied an auto loan because of your credit score, we understand how frustrating it can feel--and how strenuous it can be to get that credit score on track. Own A Car is here to help you get into the car you want, even if your credit is lacking! Our No-Score-No-More program was created with our Valley car buyers in mind, to bring awareness to how the vehicle financing process has shifted in the last few years. We believe that one small financial detail should not be the sole determining factor in whether or not someone can purchase a car. The credit score is an outdated concept invented more than 70 years ago as an industry standard, but times are different and our customers at Own A Car deserve the opportunity to drive home in their dream car.
In the past, first time-buyers were likely to be denied a loan simply because they lacked any credit history, or they would have to find a financially established co-signer. But there are now many factors beyond credit scores that can help determine eligibility. Many banks today are able to give no-score first-time buyers a chance at fresh new credit approval by equating these different financial aspects to approve auto loans more easily. Finance companies no longer need to rely solely on credit scores to approve a loan--they're able to utilize more modern lending tools such as proprietary algorithms, predictive analytics and artificial intelligence to create a more accurate analysis of your financial standing.
Additional Factors that are calculated into your approval:
- Length and/or type of employment
- Verifiable income
- Time at current and previous residences
- Co-signer availability
- Vehicle make, model, type and mileage
It is not our intention to represent that your credit score doesn’t have any effect on a final lending decision. What we wish to convey is that your new auto loan approval may not be solely based on just this one factor. This program means that your credit score may not matter in your final lending decision—and that's a relief!
Still have a few more questions? We look forward to serving YOU as we’ve served thousands of other satisfied Valley car buyers, so give us a call or visit our dealership today!
Give Us A Call Today!
559-899-3711
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