I’ll Have My Auto Loan Without A Co-signer, Thanks

Automotive Finance, Bad Credit, Credit Education, New Location, Ride Time, Tips, Used Car Dealer, Used Cars

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We get it. You don’t want a cosigner. It’s awkward to ask for help (or maybe they already said no), and putting your close friends or family in that position can be a strain on relationships. Frankly, we all want our financial independence. Fortunately, a co-signer is not usually necessary.

How Do I Know I Can Get an Auto Loan?

So, here’s the thing about lenders: Money is basically their favorite thing, and like it or not, they’re going to want it back. All of it. And then some. They’re not going to loan you money unless you can convince them it’s not the last time they’ll be seeing it.

Credit Score is Like Sports: Get More Points!

The first thing they are going to look at is your credit–so you should look at it too so you’re on the same page. If you have not-terrible credit, say above 650, there’s a good chance you can get a loan without a co-signer. The better your credit, the bigger the loan–and the better the interest rate.

Get Down With Your Auto Loan Lender

Credit isn’t the only thing they look at, however. One way to show you’re serious about giving them back their money is to give them money to begin with. If you can save up enough money to put down 20% or more, lenders are going to think you’re just darling.

Hey Car Shopper, Don’t Quit Your Day Job

Another great way to convince lenders you’ll pay them back is to have a job. A steady job or career is a great way to show you’re reliable. If you’ve been in the same position for years, that looks good on you. If you’ve recently switched jobs, but have stayed in the same industry, that’s OK too. Just keep doing what you do! (We’re not going to tell you to stop reading and get back to work, but don’t get caught ok?)

The Truth, All of It, Et Cetera

Some times, despite your best intentions, things just don’t go well and you find yourself in a real pickle–bad credit, no downpayment, imperfect employment history. It’s not good… but it’s not necessarily hopeless.

If you’re serious about getting (and more importantly, repaying) an auto loan don’t make up crazy excuses. Fill out the loan application form honestly. An inaccurate or incomplete application is just going to waste everybody’s time.

Tell them what’s really going on–how you got where you are, and how you’re fixing it. With the help of a loan officer you may be able to draft an explanatory letter to help you get a loan after all.

Remember to Count Your Money Before You Spend It

You can’t very well stay within your budget without even knowing what your budget is, so before you go car shopping, you should always start by getting pre-approved for an auto loan. (Here’s a hint: we can do that.)

It’s important to find out where you stand in terms of interest rate, term, total amount financed, and if a down payment is necessary. With getting pre-approved for a car loan, you’ll know exactly what rate you’re getting and can make smarter financial decisions when purchasing the vehicle.

This is especially true if you have less than perfect credit. We can actually guarantee approval for a car loan no matter what.

Once you’re pre-approved, it can simplify the car shopping experience, since you’ll know what you can spend. Remember the saying, when banks compete you win. By dealing with multiple lenders it ensures you receive the lowest rate possible, saving you money.

Good Luck and Drive Happy, Champ!

We’re rooting for you! We’ve got a couple closing pieces of advice…

We love putting people in cars, that’s why we’re here after all! We work with several lenders and can help you get pre-approved financing today. We’ll do the hard (and boring) work so you can hit the road and drive happy.


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