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Instant Auto Explains No-Credit Car Loans

At Instant Auto in Lee’s Summit, MO, we often get asked, "What exactly is a no-credit car loan?" To put it simply, a no-credit car loan is precisely what it sounds like – a car loan extended to individuals who either have no existing credit, limited credit history, or poor credit. Though this may seem like a free-for-all, no-credit-check auto loans have their stipulations. Interested in the option? Keep reading for a better understanding of how to get a car loan with bad credit and to learn if you are a likely candidate for this type of loan.  

What Is A No-Credit Car Loan?

As previously stated, bad-credit auto loans are offered to people with limited or poor credit histories. Though this is a valuable option to some, it is important to note that individuals who take advantage of this loan type will be charged an interest rate that is directly tied to their individual credit score. The higher your credit score, the less interest you’ll be asked to pay. The lower your credit score, however, the larger your overall interest will be. This is due to the fact that any lending institution will look at a low or nonexistent credit score and assume it is taking a risk by lending to you.  

The Pros and Cons of No-Credit Car Loans

No-credit car loans definitely come with their benefits and risks. It's up to you to determine if the risk is worth it. Below, we have broken down the pros and cons so you can be well informed in regard to no-credit car loans.


  • No-credit car loans give individuals the ability to purchase a car even if they have no, low, or bad credit.
  • A no-credit car loan is still a loan. If you make the appropriate payments on time, this can help build your credit for the future.
  • Lenders are more willing to take on imperfect borrowers because the default rate is low.
  • A no credit car loan gives a person the ability to acquire a car with no down payment.
  • These loans are fast, meaning you will likely get the money you need by the next business day.


  • No credit or bad credit means you will be required to pay more interest on this loan.
  • Bad credit auto loans are among the most expensive ways to acquire a vehicle.
  • In some cases, they won’t help your credit score due to many no credit check lenders not reporting your payment information to credit bureaus.
  • Due to a combination of high-interest rates, short terms, and lump sum repayment terms, these types of loans could leave borrowers stuck in a cycle of debt.
  • As stated in the pros section, these loans are fast. This turns into a con if you’re in a situation where you cannot afford your payments right away.

Who Is A Candidate for A No Credit Car Loan?

If you’re located near Lee’s Summit and have a weak or nonexistent credit score, you are a likely candidate for no credit car loans. But lenders will still have minimum eligibility qualifications for bad-credit auto loans. These include:

  • A monthly income of at least $1,500 gross (pre-tax)
  • 18 years of age or older
  • Current resident and a legal citizen of the U.S. or Canada
  • Full-time employment or a guaranteed fixed income
  • Able to show proof of residency, such as a recent utility bill
  • A working phone number for the address listed on the application
  • A debt to income ratio that does not exceed 50%
  • Payment to income ratio that does not exceed 15-20% of the applicant’s income
  • A loan to value ratio that doesn’t exceed the lender’s maximum allowed

Each application is considered independently, and many additional factors related to the individual’s credit and finances will also be evaluated. At Instant Auto, we help people dealing with credit issues find the right car for their needs.

Visit Your Local No-Credit Check Auto Center Today!

We take pride in being an auto center where you can quickly get a car without even having to think about your low or nonexistent credit score. We understand that a credit score is not the only measure of a person's financial health. If you need a car today, we are here to help! Stop by our Lee's Summit, MO Buy Here Pay Here car lot to check out our inventory of used cars or contact us now to see if you can get approved for a no credit car loan