Can You Finance a Car with No Credit?

Man and Woman Signing Contract


Of course! While financing a car with no credit isn’t as easy as financing one with ideal credit, the door is still open. Whether you are fresh out of school or just haven’t been building credit but need a car to commute around Minnetonka, our finance team at Cornerstone Plymouth can help you with car finances even for those who have bad credit. The good news is that no credit means a clean slate, so you can build your credit right from the start! Learn more below.

Tips for Financing a Car with Bad or No Credit

With bad or no credit, financing a car will pose some challenges that will make the process more difficult. However, if you play your cards right, you’ll soon no longer have to worry about car finances with a bad credit score. Some tips to keep in mind include:

Don’t Assume You Won’t Be Approved or You Need to Settle

While your credit score may not be ideal, it doesn’t mean your options are limited to one. Don’t take the first offer that you get! Be sure to ask questions and try to look for other options that may be more beneficial to you in Maple Grove.

Improve Your Credit Score

Financing a car with bad credit will be less easy, so reassess if you need a car immediately or not. If you can wait, you should take the opportunity to pay off any outstanding debts or take the time to build up your credit. This can put you in a better position for car finances.

Apply for Loans the Smart Way

Remember that applying for financing can take a hit on your credit score, so be smart and apply all within 14 days to minimize the damage.

Be Ready for Higher Costs

Financing a car with no credit or bad credit will likely get higher interest rates and bigger down payment. However, just as the lending institution is taking on a risk for you, you will need to show your commitment. If you can’t make your monthly payments, then you will probably be in a worse situation than before you finance a car.

Consider a Used Vehicle

A used vehicle may be more ideal in your situation as it tends to cost less than a brand new one. This is true across the cost spectrum of vehicles. At Cornerstone Plymouth, we have helped many Minneapolis drivers with bad or no credit to establish their credit score when they finance a used car, so we can help you as well!

Finance a Pre-Owned Car at Cornerstone Plymouth

We are one of the prominent used car dealers in Plymouth, so we have seen all sorts of financing situations and have also seen many success stories, where drivers are able to build their credit! Shop our inventory today and then apply for financing to see what we can do for you. Feel free to reach out to us with any questions about financing a used car, including insurance coverage!

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Contact Us

Main 763-559-5300 Sales 763-559-5300
3901 Vinewood Lane
Plymouth, MN 55441
Contact Us

Contact Us

Main 763-559-5300 Sales 763-559-5300
3901 Vinewood Lane
Plymouth, MN 55441
Cornerstone Plymouth 45.0272529, -93.4508119.