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Summary: If someone has bad credit, they need to try to raise their credit rating before attempting to get an auto loan. Use a bank or credit union to get an auto loan with tips from a financial consultant in this free video on credit cards and personal finance.
Carrie Kukuda has a business administration degree, and was branch manager of a community bank. Kukuda owns a consulting business for one-on-one credit education & budget/debt...read more
"So, this is the first time you're getting a car, so you may not have credit. Hi, I'm Carrie Kukuda, The Someday Coach. I'm here to tell you how to get an auto loan with no credit, so first thing you want to do, is pull your credit report, so you don't have credit, while you're pulling your credit report. You need to pull your credit report, so that you can make sure that everything on there, if anything is on there, is correct, so you can go to the annual credit report website, which is www.annualcreditreport.com. You get from all three of your credit bureaus, TransUnion, Experian, and Equifax, a free report from each and every one of them, once a year. It won't include your score. You may have some additional fees, so check that out, while you're looking, in the process, so make sure if you do have inaccuracies, to get those cleared up immediately, so that you can start looking for that new car, and then you want to shop around for that car, with your lending institutions, and anybody, maybe a bank that you're already presently doing business with, that already knows that you can manage your money. You might have a better chance with them, as well as credit unions. Their interest rates are pretty good on car loans. This too will help you establish some credit by having an auto loan, so in the long run, it may be a good choice, so again my name is Carrie Kukuda, and have a great day."