Short answer
You can buy your first car with no credit history. Besides a score, a lender can weigh your income, how long you have held your job and address, and the size of your down payment. A co-signer with good credit can help, but is responsible for the whole loan. Paying that loan on time builds your credit.
On the lot now
How can I buy with no credit history?
- CashNo loan, no approval.
- In your nameThe lender decides each application.
- With a co-signerBoth of you are responsible for the whole loan.
- With an ITINLenders that accept an ITIN; on approved credit (OAC).
First-time buyer programs? Ask the finance office what is available today.
What documents do I bring?
- Driver's license
- Proof of incomePay stubs or bank statements.
- Proof of residence
- Proof of insurance
- ITIN letterIf you apply with an ITIN.
How do I build credit?
- 1Secured credit cardKeep the balance low.
- 2Pay on timeEvery time. It matters most.
- 3Check your reportFree at AnnualCreditReport.com.
Silvio sells in English and Spanish: (415) 500-0862.
Frequently asked questions
Can I buy a car with no credit history?
Yes. A lender can weigh your income, stability and down payment, or you can apply with a co-signer. Approval always depends on the lender.
Can I finance with an ITIN?
Yes. Our finance office works with lenders that accept an ITIN instead of a Social Security number. Approval is up to the lender, on approved credit (OAC). Bring your ITIN letter plus the usual documents.
What do lenders look at if I have no credit score?
Your income and how you can show it, how long you have been at your job and address, the size of your down payment, and the vehicle's price compared with its value.
How do I start building credit?
Open one account that reports to the credit bureaus, such as a secured credit card, and keep the balance low. Pay on time every time, don't open several accounts at once, and check your report free at AnnualCreditReport.com.
Do I need a co-signer?
Not always. A co-signer helps when your history is short, but is responsible for the whole loan just like you.
How much down payment do I need?
There is no single amount for everyone. It depends on the lender, the vehicle and your whole application.
Will a car loan help me build credit?
Yes, when you pay on time and the lender reports the payments to the credit bureaus.
Related pages