How to Obtain No Credit Car Loans

How to Obtain No Credit Car Loans

Though good credit is valuable, is there a such thing as no credit car loans? Yes! Find out how to easily obtain an auto loan without credit experience.
How to Obtain No Credit Car Loans
How to Obtain No Credit Car Loans

Did you know that approximately 45 million Americans have no credit score at all?

If you’re part of this group, you might think that it’s impossible for you to get approved for a car loan. That’s not exactly true, though.

There are lots of loans out there designed for people with low credit scores, as well as those with no credit score.

Read on to learn more about no credit car loans and how you can increase your chances of getting approved for one.

No Credit Car Loan Minimum Qualifications

If you have a bad credit score or no credit score, you can still qualify for a car loan. You just have to make sure you meet some other basic qualifications, including the following:

  • Have a gross monthly income of at least $1,500
  • Provide proof that you are a legal U.S. or Canadian resident
  • Provide proof that you are at least 18 years of age or older

If you have filed for bankruptcy in the past, you may also need to complete some additional paperwork to show that you authorized to purchase a car.

Many car dealerships also work with specific lenders to provide financing to people who might not otherwise qualify for an auto loan.

When you begin looking to purchase a car, consider asking the lender which dealerships they work with or recommend purchasing a car from.

Increase Your Chances of Approval

If you meet these minimum qualifications, there’s a good chance your auto loan application will be approved.

There are some other steps you can take to increase your chances even more, though, including the following:

Check Your Credit History

You may think you have no credit history, but it’s a good idea to double check before you apply for an auto loan. You might find out that you do, actually have a credit score.

Checking your credit report also allows you to notice and correct any errors that might affect your credit in the future.

Set a Budget

Figure out how much money you are able to spend on a car before you apply for a loan, too.

Think, specifically, about what you can afford to spend each month on the car and insurance. Don’t forget about maintenance and gas, too.

Doing these calculations and putting together a budget first will help you figure out how much money you should ask for when you fill out your loan application.

Consider a Higher Down Payment

You’ll have an easier time getting approved for a car loan — even if you don’t have a credit score — if you’re able to put down a larger down payment.

This makes you a more credible lending candidate. It will also help to lower your monthly car payments, so it’s a good strategy for every car buyer to use.

Consider a Co-Signer

You can also increase your chances of getting approved if you find someone who can co-sign your loan.

A co-signer is someone with a high credit score who agrees to take over your loan payments if you default.

Having someone co-sign your loan can help to bring down the monthly payments and give you better terms and interest rates.

A co-signer is a great option to consider.

Just keep in mind that it’s a big responsibility, and it can be difficult to find someone who’s willing to co-sign your loan. You may have to ask a few different people before you get a “yes”.

Gather Appropriate Documents

Make sure you have all the necessary documentation ready to go when you apply for your auto loan, too.

The following are some documents that will help you make a good case for yourself and prove that you can pay back the loan:

  • A copy of your bank statement to verify your monthly income
  • Documentation of recurring bills like your cell phone or utility bills — this helps to show that you pay your other bills on time each month
  • Pay stubs or other documents that provide proof of employment

If you can provide these documents when you’re applying for a loan, you’ll have a much better chance of getting approved.

Work with an Online Lender

You can also increase your chances of having your auto loan application approved if you work with an online lender.

Online lenders are often more flexible than traditional lenders and are willing to work with a wider range of customers.

Keep in mind that online lenders also tend to have better loan terms and rates, so it’s worth working with them even if you do have a good credit score.

Tips for Building Your Credit Score

If you want to build up your credit score before you apply for a car loan, there are a few different steps you can take, including the following:

  • Make all of your loan payments on time
  • Pay your utility bills and other bills on time, too
  • Open a credit card account and pay your balance in full each month (it’s a common mistake to assume that you should carry a balance over from month to month)
  • Don’t apply for too many credit cards or loans at once (this has a negative effect on your credit score)

Once you have your auto loan application approved, you can also use that loan to build your credit score.

If you make the monthly payments on time, you’ll start building credit and will have an easier time getting approved for loans in the future. You might also be able to refinance your loan later to get better terms.

Apply for No Credit Car Loans Today

If you don’t have a credit score but need a car, you still have options (that don’t involve taking public transportation for the rest of your life).

There are lots of no credit car loans that you can apply for.

If you meet the minimum qualifications listed above and keep these other tips in mind, you’ll have a much easier time having your application approved.

Are you ready to apply for an auto loan? If so, we can help at First Financial.

Contact us today to learn more about our auto loan requirements or to fill out an application.

5 Great Reasons for a Personal Loan

5 Great Reasons for a Personal Loan

Whether faced with an emergency or you need to borrow, discover the benefits of a credit product that suits your needs and great reasons for a personal loan.
5 Great Reasons for a Personal Loan
Personal loan. Calculator, dollar bills and pen.

We live in one of the strongest economies in the world. Yet, despite that strength, wages haven’t kept up and about 40% of Americans struggle to make ends meet.

Fortunately, there are financial tools that people can use to help them meet their monthly obligations or dig out of debt. Personal loans have easily passed credit cards as a preferred form of debt.

What are 5 outstanding reasons to take out a personal loan?

Keep reading to find out.

Why Are Personal Loans Popular?

Personal loans have moved past credit cards to become the fastest growing type of debt. To understand why let’s look at what personal loans are.

Personal loans are loans that you can take out for any reason. When you take out an auto loan or a home loan, it’s for those specific purposes. You borrow a certain amount of money at an interest rate determined by your lender and you make monthly installment payments for the term of the loan.

The terms of the loan can be anywhere from 6-60 months, depending on the amount you borrow. The great thing about personal loans is that they are available to people with good credit and bad credit.

Personal loans offer a lot more flexibility and stability than other forms of debt because you can take them out for a number of reasons, and you know what the monthly payments will be every month.

5 Reasons for a Personal Loan

Would you like to improve your financial situation? In that case, a personal loan may be a smart move for you. Let’s look at some of the more common reasons for a personal loan.

1. Consolidate Credit Card Debt

The most common reason why so many people turn to personal loans is to consolidate credit card debt. The average person has about three credit cards, which means three separate debt payments.

Depending on your interest rate, you can be paying much more in interest over the long haul than what you actually paid for.

What a personal loan can do for you is you can pay off those credit cards completely and just have one monthly payment. The monthly payment is likely to be lower than what you’re paying out every month.

The interest rate is likely to be lower than credit card debt, too. That means that you’re saving on your monthly payments and paying less in interest.

2. Start a New Venture

Starting a new business is an exciting opportunity that does require some start-up capital. Most small businesses cost between $3,000 and $5,000 to start up.

That doesn’t seem like a lot, but when you are in debt or you are having trouble making ends meet, a personal loan can be a lifeline.

You can avoid the trouble of having to present a formal business plan when trying to get a business loan by getting a personal loan.

A personal loan won’t have the same strict requirements as a business loan, and you have the flexibility to invest the borrowed money as you see fit.

3. Add Value to Your Home

One of the reasons why people take out personal loans is because they want to take on a major home renovation project. A remodel could cost anywhere from $18,000 to $36,000 depending on the size and scope of the project.

Not many people have that kind of cash lying around, so they’ll turn to personal loans to finance the project.

It’s a smart move because these projects can add a lot of value to the home, which will increase the sale price. You’ll often see people renovate when they’re getting ready to sell, knowing that they’re going to see a return on those funds.

4. Cover Unexpected Expenses

Car repairs, a medical emergency, home repairs, pet emergencies can all take a bite out of your finances. If you’re having a hard time making ends meet as it is, how will you be able to come up with the funds to these possibilities?

That’s where a personal loan can help you. One of the reasons why people turn to personal loans for emergency expenses is because they will be able to pay it back in monthly installments.

5. Build Up Credit Score

Your credit score determines so much in life. Your ability to get a home, an apartment, a job, or any other forms of credit all hinge on those three numbers that make up your credit score.

Do you have to start building up a credit history or rebuild your credit?

Taking out a small personal loan will help you do that. With a small personal loan that’s paid back on time and in full, you’re showing creditors that you’re responsible with debt.

That will also help you increase your credit score.

Ready to Get a Personal Loan?

There are many reasons for a personal loan. When you do take out a personal loan, you want to make sure that you can either save money or make money.

Starting a business, consolidate debt, or start a home project that will pay off down the road are great reasons for a personal loan. The great thing about a personal loan is that you can take them out for any reason, even finance a vacation or a wedding.

Would you like to find out more about getting a personal loan for your financial situation? Find out more about First Financial’s personal loan programs here.

How the Industrial Revolution’s New Building Materials Inspired

Mid Century Modern Architecture & Design

With the affordability and durability new materials provided, why not give the average American a beautifully designed home that integrated with their environment?
With the affordability and durability new materials provided, why not give the average American a beautifully designed home that integrated with their environment?

If you’ve landed here, you probably read on our Mid Century Modern architecture page  how innovation occurring at the end of the Industrial revolution improved the durability and affordability of steel, concrete and glass. Here, you’ll find the details on the evolution of each.

Steel

In 1860, steel was expensive, and used only in small quantities for swords, tools and kitchen cutlery. Any large metal structures were made from wrought or cast iron, both of which could break under pressure, bending or stretching. This limited where it could be used.

In the mid-1800s, British industrialist Henry Bessemer developed a process to make iron stronger by blowing air through it before it came out of the furnace. At the same time, the expanding railroad industry was struggling with the breakage in their cast and wrought iron rails. Bessemer saw his opportunity and sold his steel to the railroad companies at an under-market price. Steel proved itself far stronger and more durable that wrought or cast iron under heavy train engines and cars, setting off a huge demand in the United States and Europe.

Steel framing allowed architects to build taller commercial buildings that were stronger and cost less than stone. Steel framework also made helped architects create greater unsupported spans over openings and interior space. The modern architects, going for a more open style, appreciated how steel framing could allow them to connect kitchen to family room to living room.

Traditional building framed with the go-to material of 19th Century: stone.
Traditional building framed with the go-to material of 19th Century: stone.
Steel framed building.
Steel framed building.

Concrete

Concrete has helped all kinds of ancient societies create structures to further their civilizations. The Roman Colosseum is nearly all concrete, as was Emperor Hadrian’s Pantheon. But concrete went dormant for about 1,000 years

Hadrian’s renowned Parthenon was completed using concrete in 432 B.C.
Hadrian’s renowned Parthenon was completed using concrete in 432 B.C.

Concrete depends on a binder called cement—a mixture of limestone and clay, heated and then ground. When water is added to cement, it can bind objects once dried. Cement has been used since the time of the ancient Greeks and Romans.

Concrete is the aggregate of the binder cement mixed with ground stone and sand. While cement and concrete are often confused, it’s cement that acts as the glue holding the larger particles in concrete together. Concrete’s malleability and affordability made building more structures for more families possible. The new material’s low “tensile”strength (bendability, stretchability), however, made it impossible to use in building anything of size.

Through trial and error, builders in the early 1900s found that reinforcing the concrete by adding long, steel bars—rebar—internally made concrete incredibly strong. More, with a rebar core, concrete could take all kinds of shapes: columns, arches, beams and even decorative elements. The Ingalls building in Cincinnati, Ohio was one of the first high-rises created with reinforced concrete. Construction finished in 1903.

Photo courtesy of Wikimedia Commons
Photo courtesy of Wikimedia Commons

The Ingalls Building in Cinncinati, completed in 1903, is one of the first primarily concrete buildings erected in the United States.

As concrete became more dependable, more architects chose to use it without stone covering. The Salk Institute in La Jolla, California finished in 1963, is one of the most famous uses of reinforced concrete. Its design leads the visitors eye into the future.

With the addition of rebar, modern architects were able to  make concrete strong enough to build up in several stories high and durable enough to last. The Salk Institute is a showcase of modern architecture that features concrete in the raw.
With the addition of rebar, modern architects were able to  make concrete strong enough to build up in several stories high and durable enough to last. The Salk Institute is a showcase of modern architecture that features concrete in the raw.

Glass

Believe it or not, before the late 1700s, few homes had windows. Then, French glassmakers blew long cylinders of glass, split them and flattened them with a wooden blocks while hot.  Most homes had small windows and each window was divided into panes supported by wooden frames. The glass was that delicate.

A common 17th Century Home - no windows
A common 17th Century Home – no windows
18th Century American Colonial home - windows’ expense made them available to only the most wealthy. Even they used them sparingly.
18th Century American Colonial home – windows’ expense made them available to only the most wealthy. Even they used them sparingly.

But plate glass was still expensive, remaining off-limits to many homeowners. Glass may have remained a luxury item if not for the brand new auto industry which was demanding more glass for coveted cars, where only glass would suffice for the whole car experience.

Mid Century Modern Style creates a fluid experience between outside and in.
Mid Century Modern Style creates a fluid experience between outside and in.

Today, wide-format, plate glass is affordable for most American homeowners. How will you bring the outside in?

To maximize the car experience, manufacturers need glass in abundance.
To maximize the car experience, manufacturers need glass in abundance.

In 1912, American Irving Colburn and the Belgian Emile Fourcault simultaneously created a technology that drew molten glass from a furnace in a thin stream, then flattened and cooled it by running it between asbestos rollers. This machinery created the first glass automation process, reducing the price of plate glass in the 1920s by 60 percent. The demand created by the brand new auto industry drove plate glass production.

It also meant that windows could move from the old fashioned pane style to large sheets of glass. As depicted in the colonial home and even the Georgian mansion above, a glass pane was typically 4” x 6” to 5”x 8”. As modernism came to the fore, stronger glass meant windows could be six and even nine feet wide with no breaks. Windows in Frank Sinatra’s Twin Palms estate run floor-to-ceiling creating an open feel and panoramic view. Environmentally-attuned architects fought to use more glass in homes to “bring the outside in.” Their clients came to embrace this drive.

Mid Century Modern large, even floor to ceiling windows.
Mid Century Modern large, even floor to ceiling windows.