Can You Finance a Car with No Credit?

salesman passing over new car key
Drivers from the Bethesda area and beyond that are in need of bad credit car finance options should get in touch with the finance team at DARCARS Toyota of Silver Spring. While finding a bad credit, or even no-credit, car finance loan can be more tricky, it’s definitely possible. Our finance experts can help drivers get the no credit car financing option they need. Learn more about how you can finance a car with no credit with us!

Tips for Financing a Car with Bad Credit or No Credit

Many drivers want to know, “Can you finance a car with no credit and still get a good interest rate?” Not necessarily. When applying for a bad credit finance loan, the down payment will likely be higher as well as the interest rate you qualify for. Keep in mind, you will have a little room to negotiate. Calculate the highest monthly payment you can afford, and be ready to negotiate starting at a lower point. In addition to this, keep in mind the following:

  • Don’t Assume You Won’t Be Approved – The fact that you’re applying for a bad credit car loan doesn’t mean you can’t get the vehicle you want. Be sure to ask questions to find out about your available options. You might even find a vehicle that gives you more for a more affordable price in our CPO and used vehicle inventory.
  • Improve Your Credit Score if Possible – Though it takes time to raise your credit score significantly, there are steps you can take today that will help you get it moving upward. To start, work out small payment plans on outstanding loans, especially those that are older than 5 years. You can also use your credit card on small bills and pay them off immediately. Another way to raise your credit score is to ensure you’re paying your monthly bills on time.
  • Apply for Loans the Smart Way – Each time you apply for financing, your credit score will take a hit. To minimize the potential impact on your credit score, complete all of your loan applications within a 14-day period.
  • Don’t Accept the First Offer – The first offer isn’t your only option. You don’t have to settle with the first offer you get. Many dealerships work with multiple lenders so it’s always worth your time to send multiple applications and ask questions to negotiate for better terms.
  • Prepare for Higher Costs – Financing a car with bad credit sometimes means more money down and a higher interest rate. The best way to account for this in your budget is to use our payment calculator to create a monthly budget.

Learn More About Bad Credit Car Financing at DARCARS Toyota of Silver Spring

Don’t let bad credit hold you back from financing a car. Contact our finance team and our knowledgeable staff will help you find the lease or loan that’s right for you and your budget. And with our new and used vehicle specials, you can save even more. Contact us today with any questions, to learn how we’re helping fight COVID-19, or to schedule a test drive.

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(301) 396-7850

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12210 Cherry Hill Rd. • Silver Spring, MD 20904

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DARCARS Toyota of Silver Spring

12210 Cherry Hill Rd. Silver Spring, MD

Phone: (301) 396-7850,-76.9608435,17z/data=!4m13!1m7!3m6!1s0x89b7c4e0acc4c467:0xbc47096a673abf32!2s12210+Cherry+Hill+Rd,+Silver+Spring,+MD+20904!3b1!8m2!3d39.0610546!4d-76.9586548!3m4!1s0x89b7c4e0b5f9c3ef:0x8595b7f082eeeec5!8m2!3d39.0610546!4d-76.9586548


Phone: (301) 245-6477

12210 Cherry Hill Rd. Silver Spring, MD


Phone: (301) 396-7850

12210 Cherry Hill Rd. Silver Spring, MD


Phone: (301) 288-3199

12210 Cherry Hill Rd. Silver Spring, MD
39.060378 -76.956764
DARCARS Toyota of Silver Spring 39.060378, -76.956764.