Best Way to Get an Auto Loan Without Credit History in Chicago?

Chicago auto loans with no credit history

Really you don’t ever want to purchase a new car with no credit history or bad credit. A new car will lose about 20%-50% of its value in the first year of owning it. So we’re saying pay cash or look at cheap used cars in Chicago.

You want to maintain the car and keep it in “good condition”. But also you want to run the car to about 150,000 miles if you can make it happen.

Avoid that monthly payment on a car in Chicago

Once you have the car paid off you want to make more “monthly car payments” to yourself so that you have a down payment for your next car.

A car dealer in Chicago might want you to waste some of your money on getting financed for a new car but don’t do it save your money and buy a used car in Chicago that’s about two to three years old that has a good dealership record. Pre-owned cars are a good option and can be easy to finance.

Pre-owned vehicles are usually certified from the car dealership and can be under warranty. Sometimes the warranty can be 100,000 miles. Just make sure the vehicle has a warranty of some kind just to be safe.

Plus when a pre-owned car is certified and under warranty, the car dealership will be able to work on the vehicle at no cost to you. That can be a perk to many car buyers in the Chicago area. But its best to feel out your options on multiple models of used cars.

You want a car that doesn’t a huge depreciating expense. Older used cars can be cheaper to insure to so keep that in mind. At the end of it all, you don’t want to pay on a car that’s going to be useless at the end of your auto loan.

That’s why you want to have as cash as you can so you don’t really have to worry about the credit history issues you may face in any car.

A down payment is a good way to avoid large interest rates for used cars and high monthly car payments.

Helping with car dealerships in Chicago

We can help you with finding a car dealership in the Chicago area that has the down payment used cars that make owning a car affordable for you.

One of the main things is to make sure the car you buy new or used in Chicago your able to keep it well maintained and are looking to keep it for five to seven years.

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