Recent pay stubs and steady employment history show you have the "ability to pay," which is often as important as your score to certain lenders.
Lenders use your credit score to determine how much risk they are taking. The lower your score, the higher the "risk premium" you will pay in the form of interest rates. Credit Tier Typical Score Range Financing Impact Access to 0% APR deals and the lowest rates. Good Competitive rates and flexible terms. Fair Higher interest rates; may require a larger down payment. Poor Subprime loans often exceed 20% interest. Options if Your Credit is Less Than Perfect do i need good credit to buy a car
If you have a low score or no credit history, you can still secure a vehicle through several avenues: Recent pay stubs and steady employment history show
Putting more money down reduces the lender's risk and can lower your monthly payment. Credit Tier Typical Score Range Financing Impact Access
A friend or family member with strong credit can help you qualify for a much lower interest rate.
Some institutions specialize in "bad credit" loans.