If you don’t use credit or just started building it, chances are you have no credit file or maybe just a thin one — it’s there, but there’s not much to it. That can leave you with a low credit score or no credit score at all, which may make it difficult to get credit when you need it.
A thin credit file is a common obstacle consumers encounter when trying to buy a car. The vast majority of American households have a car and people overwhelmingly rely on their cars to get to work, but unless you have the cash to cover the cost of your next car, you’ll need to finance it. It can be tricky to get an auto loan with an interest rate you like when you have no or thin credit, but there are a few things you can do to improve your chances of finding affordable financing.
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