Can I get a Car Loan without Credit History?

Home Loans

Can I get a Car Loan without Credit History?
(presented by www.refinance-refinance.net - mortgage lenders)

By Bryan�Quinn

The difficulties associated with getting a car loan when you have bad credit are well known and fully explained in many articles. However, there is not much written about the problems that people with no credit history have to go through in order to obtain finance to buy a car.

Why having no credit history is a drawback?

The problem with having no credit history is that the lender has no means to measure the risk involved in lending to someone with no credit history. Unless you can provide some other asset as collateral besides the car, the lender is incapable of establishing the loan amount he can grant, the interest rate he will charge and the number of installments or loan length.

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What the lender wonders is why someone with no credit history never requested a loan. Was it that he never needed one before? Or was it that he already knew he wouldn

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