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Posted in Auto Loans
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Question By
yt3125

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can i take out a loan with no credit?
I was not given a credit score when i signed up because there was not enough information on file for me. Would i be able to take out an auto loan still and how would that affect my credit?

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Sorry, but credit must be gradually built before you can get something as expensive as a car, unless you have the cash to pay it.  Ten years ago, after selling my house, I had to funds to buy a car, and did so that way.  The dealership tried getting it financed (they would have gotten more money- that  way) but the credit was tanked.  After reading the articles here and putting into practice some of the recommended procedures,  I was recently able to purchase a new car on a low interest loan. You need to build your credit before you can get the major things you want.

Top Contributor
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Designate time everyday to read about how to build credit, there is a lot of information on this site and across the internet. As already mentioned, you need to build credit one step at a time, you can't go to the top of the ladder right off the bat. You should consider getting a Secured credit card to start with. Make sure that you spend time reading on building credit and get started today so that you are not in this same position down the road. Any questions along the way, feel free to ask on here and we will try to help you.

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