No credit loan
2) No Credit Check Loans - Poor Credit Loan - $100 - $1000
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No credit or a “thin file” as it is known in the lending industry, usually involves younger people with little or no credit histories while poor credit relates to people that have established credit files with a negative history. Both types of buyers have difficulties getting auto loans but for two very different reasons.
In the case of no or thin credit files, auto finance companies are hesitant to grant a car loan because the borrower has no proven track record in regards to the use of credit. In other words, the lender has no history of payments on which to judge the credit worthiness of the borrower.
For people with a poor credit history, lenders are able to look at a person’s prior use of credit. Often times, bad credit is usually tied to an event such as job loss, illness or divorce and as long as the event that caused the problem is behind them, lenders may be willing to give the person a second chance.
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