To gift a car to your child is no more a dream but it has very much become a household affair with the introduction of no credit check auto loans.
Bad credit history, arrears and default in previous debts, nothing will stop you from getting these kinds of loans. This primarily because of the fact that these loans are provided without any kind of credit checks from the part of the lenders. Thus your previous record does not come into picture while applying for these loans. The few criteria that you need to fulfill while applying for no credit check auto loans are that you should be an adult citizen of US, have a permanent job along with a permanent bank account of your own. The other essential things that you need to know before applying for these kinds of loans is the quotes of the different banks. This will help you to bargain the rates at the time of approval of the loan and also get the best deal for yourself.
No credit check auto loans are of two kinds short and long term. In case of the short term loan the repayment period is varies from 3 to 5 years time and in case of the long term loan the period of repayment varies from 15 to 25 years. The rate of interest in both the cases is on the higher side as these are completely unsecured loans by nature. Though the rate of interest is high you can always bring that down by giving more money as down payment on the cost of the vehicle that you are buying at the current moment. It is highly advised that you check the different loan quotes before actually applying for the loan as the rate of interest varies according to the lenders. The other thing that you need to keep in mind before applying for the loan is about the repayment plan. If you approach the lender with a sound repayment plan then in that case you can get a higher amount as the principal amount of the loan.
