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Ohio No Credit Auto Loans

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First-Time Buyers 

No Score Requirement 

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Ohio No Credit Auto Loans
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- Best Auto Lenders for First-Time Buyers

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Best Overall

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    • Up to $99,000
    • Term: 24 to 84 months
    • Great Customer Service

APR From: 2.4%


Best Selection

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    • Up to $80K
    • Term: 24 to 84 months
    • No Repayment Fee

APR From: 2.8%


Best Rates

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Consumers Credit Union

    • Up to $250K
    • Term: 12 to 84 months
    • No Repayment Fee

APR From: 6.4%


Best Experience

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    • Up to $100K
    • Term: 24 to 84 months
    • Refinance Available

APR From: 2.94%


Best Reviewed

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Auto Credit Express

    • Up to $40,000
    • Term: 24 to 84 months
    • Great for Bad Credit

APR From: 3.9%

How to Get an Auto Loan with No Credit

Many wonder if you need credit to get a loan, how do you get your first loan? Applying for an auto loan with limited or no credit in Ohio can seem challenging, but options are available for first-time buyers. Online and special finance lenders in Ohio specialize in working with limited credit applicants. Consumers with bad or no credit history can find auto loans online. Compare rates from top lenders and don't let a low credit score stop you from getting the right car!

How Do I Know If I Have a Credit Score?

​In the world of finance, credit score is king. It represents your buying power, how appealing you are to banks, and is the sum of all your past credit history on record. Your credit score is a numerical rating usually between 400-800. The number is based on the reports on your credit history such as payments (late and on time), debts, and past charge--offs.

The first step to any large financial decision is understanding your credit score and history. Going into the dealer blind can leave you at a disadvantage in negotiations and harm your score through multiple “pulls” by lenders, Everyone is entitled to a free credit history report once a year from each of the major reporting bureaus (Trans Union, Experian, Equifax).

Learn more about Getting Your Free Credit Report in Ohio

Some may have low credit scores or be turned down for loan opportunities, not because they have made mistakes, but because they simply have a limited credit history. Those with little or no credit history may be intimidated by breaking into the credit world, but you will find that many lenders and institutions give newcomers the benefit of the doubt.

 My Score is Not Bad: Why Can't I Get Approved?

An inflated or "ghost score" is credit lending jargon referring to someone who has a deceptively high score while having no or very little credit history. This is why credit reports are important, because a high credit score may not represent great buying power. This phenomenon can be common among those who may have credit cards or small listed transactions but do not have the installment payment history to back up their high score.

Credit history from variable sources such as credit cards is known as "revolving credit" because the amount you pay each month changes. Installment credit is payment records that are paid in uniform amounts on a set schedule, such as auto loans. While credit cards can help improve your score Installment credit has much more influence in determining your buying power than revolving credit.

Ohio Auto Loans with No Credit

Know your budget

Before you step into a dealership, it's vital to establish a clear budget for your vehicle purchase. This budget should incorporate not only the vehicle's cost but also registration fees, insurance, initial taxes, fuel, and maintenance expenses. Knowing your budget can help you avoid financial mistakes and buyer’s remorse.

When purchasing a vehicle, budgeting is crucial. If you do not plan ahead you can end up with a high payment which could result in you defaulting on the loan and damaging your credit.  Nerdwallet recommends spending less than 10% of your monthly income on a car payment and less than 20% overall on vehicle expenses (gas, insurance, maintenance.). For example, if you make $2500 per month you should aim for a payment of $250/mo or less. The average car payment in Ohio is $335 for used vehicles and $535 for new vehicles.

It is recommended you compile your monthly income and expenses before planning your budget. Use our Free Auto Loan Calculator to estimate your payments based on term, interest, and money down.

Plan ahead

The monthly and upfront cost of your vehicle may be the most pressing factors but they are not all the matters. The cost of your vehicle is also determined by the length of the loan term. The longer the loan is financed the more money you will pay in interest. Auto loans usually range from 36 to 72 months with the most common term being 60 months (5 years). $10,000 financed for 5 years should come to a payment of about $200.

Another factor to consider is the condition of the vehicle when buying pre-owned. How many miles does it have? Any existing problems? How long will it last? What might I spend on repairs? It is important to do your research when purchasing a used vehicle. Another thing to look out for is the vehicle’s warranty. All new cars and most certified pre-owned vehicles have some sort of warranty protecting various parts of the vehicle. If there is a mechanical malfunction or defect that is covered under your warranty, you will be able to get it repaired for reduced or no cost, depending on the terms of your warranty.

Choosing a shorter loan term, if your financial situation permits, can be advantageous. Not only will the interest rates be lower, but you will also pay less overall for your vehicle. Plus, you’ll be on the path to paying it off sooner. If the monthly payments for a shorter-term loan seem unaffordable, consider increasing your down payment or waiting until you can afford the payments.

New or used?

Should you buy new or used? Most people jump at the idea of a car fresh of the line with that new car smell, but it isn’t always the best decision financially. While people who purchase new cars can enjoy lower interest rates and special incentives there is a reason it is recommended to avoid new cars in most situations. The problem with new vehicles is depreciation, once a car gets its first owner it will see a large drop in value, and depending on the amount put down or vehicle traded in this can give you negative equity in your loan. However. For the right terms and price, a new car can be a good option, especially if you plan on keeping it for a very long time.

Used and certified pre-owned vehicles may have some wear, no warranty, and often come with higher interest rates but they will have a much better chance of retaining their value when being sold to a second or third owner than it would when going from new to pre-owned. Most financial advisors would recommend finding a used vehicle with low miles rather than a brand-new vehicle.

Ohio Auto Loans with no credit history

In Ohio, its very common for lenders to approve consumers with no prior credit history for auto loans through first-time buyer programs. 

How to Increase Chances of Getting Approved

If you are not quite ready for that auto loan or are having trouble getting approved for the terms of the vehicle that you want, there are some options to increase your buying power in Ohio. 

Use a Cosigner

a cosigner is when a second individual signs for your vehicle with you and will be equally responsible for the loan terms. Both you and your cosigner will receive credit reports for the loan and will be equal owners in the eyes of the bank. A cosigner can greatly improve your chances of getting approved for better terms, depending on the singer’s credit.

​A co-signer with good credit can improve your chances of getting approved for a loan. However, keep in mind that if you default on the loan, the co-signer will also be responsible for paying it back.

Down Payment or Trade

Using a down payment or the trade value of a vehicle you already own on your new loan will not only lower your payment but it can help you get approved for a more expensive vehicle.


The size of your down payment can significantly impact the interest rate on your auto loan. Typically, a down payment of at least 20% of the car's value is recommended. However, the larger the down payment, the lower the interest rate you're likely to receive. Besides reducing the loan amount and interest rate, a substantial down payment can also shorten the loan term, saving you money in the long run.

In addition to down payments, trade-ins can also help reduce the loan amount. If you have an old car, you can trade it in and the trade-in value will be deducted from the price of the new car, thus reducing the loan amount.

Having a down payment can increase your chances of getting approved for an auto loan, especially if you have no credit. A down payment shows the lender that you are serious about the loan and are willing to invest your own money into the purchase.

Consider a credit union
Credit unions may be more willing to work with people who have no credit or bad credit. They may also offer lower interest rates and more flexible repayment terms.

Credit unions can be a good option for people who have no credit or bad credit. Credit unions are not-for-profit financial institutions owned by their members. They may be more willing to work with you to find a loan that fits your needs and budget.

Build Credit
A cheaper car, another type of loan, or to a lesser effect, credit cards, can help you build your credit before you try to get approved for your dream car.

Even if you don't have any credit history, you can start building credit by getting a secured credit card or becoming an authorized user on someone else's credit card. Making timely payments is the best way to build a positive credit history.

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