There are many perfectly good reasons why you might not have any credit history. You may manage your finances with only cash or debit transactions, you may be fresh out of school and haven’t had a need for credit before now or you may choose to decline credit card offers so you don’t get caught in a debt cycle.
All of these are legitimate and understandable reasons not to have a credit history.
But if you’re in the market for a car and don’t have enough cash to pay outright, you might find yourself in a difficult situation. Even though you might be managing perfectly well without having to use credit, many traditional car dealerships won’t finance you.
So you may be left wondering whether you have any options. Will you ever be able to get the car you need?
Here at J.D. Byrider in Columbus, we want you to know that you DO have options, and you CAN get behind the wheel of the car you need!
What’s the Big Deal About Credit?
You may be asking yourself, “If debt is a bad thing, why should I ever get a credit card or a loan? Isn’t it a good thing that I’ve managed to keep my finances in order with just cash, avoiding debt altogether?”
But what many people don’t realize is that debt is a pretty necessary part of life.
Very, very few people have enough money stashed away in the bank to simply pay out-of-pocket for things like a home, an education, or a car. So debt plays an important role in making it possible for people to have these things.
And when these people go to the bank to request a loan, the bank will check out their credit score to determine how likely they are to keep making full, timely payments on the loan. The bank will then determine how much money they are eligible to borrow.
In other words, a good credit score can qualify you to borrow more money at better rates for important purchases–like a home or a car.
What Are Your Options Without Credit?
Alright, so it’s all good and well to know how credit is important. But what can you do now–before you’ve started establishing credit? You really need that car, and you can’t afford to wait months and months to build up a good credit score.
Buy here pay heres like J.D. Byrider can help. When you stop by one of our Columbus car lots to buy one of our quality vehicles, you’ll also get quality service and quality care. One of our financial representatives will sit down with you to go over your current financial situation, review your income and expenses, determine your budget for a car payment, and then go from there.
At J.D. Byrider, we believe that your current financial situation speaks louder than your credit history (or lack thereof). We don’t think past mistakes should keep holding you back in life, and we certainly don’t think you should be denied the opportunity to get the car you need just because you don’t have any credit history.
What If I Want to Start Building Credit?
Believe it or not, getting financed at J.D. Byrider will actually put you in a position to start establishing credit! It won’t happen overnight, but as you continue to make payments on your car loan, we report your payment activity to each of the three major credit bureaus–Experian, TransUnion, and Equifax–so you can benefit from your car payments and use them to build a healthier financial future.
Here at J.D. Byrider in Columbus, we want you to succeed in getting financed for a great, affordable car. Stop by and meet with a representative today!