What car buyers can do with little to no credit

For those with little to no credit, there is still opportunity to purchase a vehicle.

Car buyers with subprime or little to no credit

Though low credit scores aren’t the most ideal, they don’t tell the entire story for a consumer, and Chrysler Capital works diligently to provide full-spectrum auto financing options.

“Chrysler Capital does have buying power for first-time buyers for some of the subprime applicants that are out there,” says Kevin from the Chrysler Capital Credit Team.

“We have opportunities for the credit risk that is sometimes associated with a first-time buyer or someone trying to re-establish themselves – including someone recovering from a previous bankruptcy. Partner that with FCA US LLC’s great lineup of vehicles and it’s a win-win.”

We spoke further with the Chrysler Capital manager to gain insight on the important factors consumers should know when having low or subprime credit and looking to purchase a vehicle.

Q: What is the decision-making process for lending a potential customer with low credit?

Kevin: The bulk of auto-finance decisions are made systematically, auto-decisioned within just a few seconds, which means a computer looked at the “black and white” and sent back a decision. Many times, when it comes to subprime, there are gray areas that require a manual decision. In these instances, the dealer or the Chrysler Capital Credit Analyst (sometimes both) will reach out to “rehash the deal” and see if there is an opportunity to put a consumer in a better position to buy.

Q: What are ways to help one’s credit score moving forward?

Kevin: Achieving 24 months of auto payments without missing a single one really helps provide that snapshot of “This is a responsible paying customer, it looks like they are meeting their original commitment.” This is going to inspire an auto lender of any nature to maybe want to take a step forward on a vehicle.

Does that mean we don’t recognize 12 to 18 months of consistent payments? Not at all. Not missing a payment for an extended period is a sign of hard work and rising up to the occasion.

Q: Does the same go when looking at other payments outside of auto, such as rent or credit card?

Kevin: We are looking for some sort of consistency and stability when it comes to paying bills.

If you are handling the work-life balance in a responsible manner and showing that you’re handling your business, that’s something to hang your hat on. We always welcome that stability.

Q: Advice for first-time buyers or those with little to no credit?


Save up to make a solid cash down payment. However much you’re able to offer, all of it impacts how we analyze the risk associated with a potential buyer.
– Selecting a vehicle that’s in line with a first-time purchase. I would encourage a more lower-priced vehicle versus something brand new or more expensive since you’re building your credit profile. Doing so will bring down the risk level on the potential purchase.

Both in the little to no credit and first-time buyer arena, we have programs in pricing that accommodate those customer bases.

Wondering where you stand? You can apply to get preapproved financing before you venture out to the dealership. Fill out your application and get started today.

Buying car with subprime or little to no credit