If you don't have credit, you may think paying cash is the only way to get the truck you want. However, financing for a truck, or another vehicle, isn't impossible without a credit score – but it can be more difficult. Similar to bad credit borrowers, no credit borrowers can overcome these difficulties by knowing what the lender expects before hitting the car lot.
No Credit – No Problem?
If you've got a credit score below 670, you're likely considered a bad credit borrower. If you lack credit history, you're considered a no credit borrower. Lenders can tell the difference between a low score from mismanagement and from a thin credit file.
No credit and bad credit borrowers may have an easier time getting an auto loan by working with a subprime lender. Subprime lenders are third-party financers who are signed up with special finance dealerships. They're equipped to offer lending to borrowers with low scores, based on more than credit score alone.
These lenders differ from direct lenders and the captive lenders of automakers, who typically work with borrowers with good credit. However, sometimes direct lenders like banks and credit unions, or captive lenders like Ford Credit, Kia Motors Finance, and Toyota Financial Services, offer specials that may not be exclusively for those with top-tier credit.
Finding a Special Offer
It may not be so tough on the surface to find a special offer that you qualify for with less than perfect credit. There are typically a lot of caveats that go along with these, though, and the qualifications can be daunting.
For example, now through March 31, 2022, Ford is offering a “guaranteed approval” deal to certain customers for the launch of its 2022 Maverick, when you finance through Ford Credit. There is also a 90-day deferred first payment deal when you finance the new truck now through November 30, 2021.
Some of these deals are open to consumers with a credit score of 620 and above – not all captive finance companies work with scores so low. You do have to meet other criteria to be eligible, though, and this may take some no credit and bad credit borrowers out of the running.
Some criteria to qualify for the Ford Maverick Model launch deals include:
- Offer good on new Ford Maverick models only
- 20% Maximum PTI ratio
- No prior repossessions
- No open bankruptcies
- Minimum $500 customer cash or trade equity
- Maximum 72-month loan
- May not be combined with other offers
Ready to Start Your Search?
If you're not eligible for a special offer such as the one available on the Ford Maverick and still need to work on your credit, give us a shot first. We want to help you find a lender that can work with no credit borrowers, free of charge.
At The Car Connection, we specialize in connecting borrowers to dealerships that are signed up with subprime lenders that can help. To get matched to one in your area just fill out our fast, free, auto loan request form.