Can I Finance a RAM Truck with No Credit History?

Here at Woodhouse Chrysler Jeep® Dodge RAM Sioux City, we’re dedicated to making the RAM financing process as smooth and easy as possible. We believe powerful new trucks should be affordable and accessible, and we’re sharing all you need to know about taking the next step on the financing process.

Read on for a closer look at RAM financing and credit.

What Role Does Credit Play in Auto Financing?

Your credit score essentially tells the lender how risky you are to lend money to. The higher your credit score, the more favorable your terms, since lenders have a history of repayment behaviors to rely on. In fact, a high credit score is typically a requirement in order to qualify for a vehicle lease.

Do I Need Credit to Get an Auto Loan?

You may be eligible to purchase a vehicle if you have a low credit score or if you have no credit score at all. It’s just important to remember that having no credit score makes you appear more risky to potential lenders.

To that end, you’ll likely see a shorter-term length and higher interest rate when you receive car loan options. This may also mean that your monthly payments will be higher, as well.

How Can I Get a Better Loan ?

If you’re looking for more favorable terms for your next RAM truck loan, it’s best to try to build your credit. This can be done through credit cards or lines of credit, which you pay off every month. In the short term, however, you may be able to get a trustworthy family member or friend with good credit to co-sign the lease with you.

Here at Woodhouse Chrysler Jeep Dodge RAM Sioux City, we’re dedicated to walking you through every step of the vehicle financing process. Take home a car you love at a price you love with the support of the expert financing team right here at our dealership.