Getting Approved With No Credit
No Credit? No co-signer? While this can be concerning to many people, you don’t have to worry about this situation at Good Fellow’s. With the help of our used car dealer, we have an affordable auto loan + car deal for everyone regardless of where they are financially. Here at Good Fellow’s Auto Wholesalers, we work incredibly hard to try and get everyone, regardless of their financial situation, with a car loan. If having no credit or no co-signer applies to your situation, our team has come up with a few things to consider if you are struggling to get a loan in these situations.
Increase the Down Payment
When a person decides to put a larger than normal down payment onto a car that they are wanting to finance, there is less liability on the client and a dealership may be more inclined to offer someone a car loan without a cosigner. Since a person shows how committed they are to a purchase through this big down payment, they are more likely to get an auto loan because they are more likely to be trusted with one- even if their credit situation isn’t stellar.
Build a Relationship with the Dealership
In some cases, a person and their life story/situation financially may persuade an auto loan expert to give them a loan, even if they are in a sticky situation. If a client can build a relationship with trust, a dealership may increase the chance of a car loan even if one doesn’t have good credit/doesn’t currently have a cosigner. When it comes down to it, it is important that you are open, honest, and friendly to the staff at a used car dealership in order to build trust and a good repertoire.
Proof of Financial Stability
If you don’t have credit or a co-signer, another option to utilize is offering an auto expert any proof of overall financial stability. One can show proof to a dealership by displaying steady employment with a letter from a manager, a bank statement that shows consistent savings, or other financial documents that are a good representation of the ability to meet financial deadlines and responsibilities. When you do this, you are showing a dealership that even though your credit is not stellar and you don’t have a cosigner to help you, you are consistent at making income and can properly and fully pay off a car loan every month. This will incline an auto financing department to give you a chance.
How Our Team Can Help
When you want some of the most reliable, high quality auto services in all of Toronto, consider our team here at Good Fellow’s Auto Wholesalers. With years of ample experience, our team goes above and beyond to offer great car deals combined with affordable, obtainable auto loans. When it really comes down to it, our staff cares about each individual and their auto needs, so every time we work hard to ensure that your auto needs are taken care of. To learn more about how our shop is one of the best used car dealerships in Toronto, be sure to visit our official website linked below and call our team of car experts today. We look forward to speaking with you and helping in any way we possibly can.
