Advice on auto loan for no credit background

Given that you do not have an established credit history, you may run into some difficulty finding a loan that suits your needs. If you do find a loan, you should expect to pay a premium in interest. Keep in mind that while you will likely pay a high interest rate, this loan will help you establish a credit history which will assist you in obtaining better loan terms in the future. Bills.com is not a lender, so we cannot loan you the money you need directly. However, I can recommend several possible resources that may be able to assist you in obtaining a loan.

First, I encourage you to visit the Bills.com Loan Resources page at http://www.bills.com/loans/

This page offers a wealth of information about various types of loans. If you enter your contact and financial information into the Bills.com Savings Center, which you will find at the top right of the page, we can match you with several pre-screened lenders who may be able to loan you the money you need.

I would first suggest that you attempt to get the loan through the dealer where you bought the car. They have an economic incentive (the car sale) to get you the loan, and given you high income it should be an easy loan.

If you cannot find a conventional lender willing to extend you a loan, I encourage you to visit Prosper (www.prosper.com), an online company that facilitates person-to-person lending. If you offer to pay a high enough interest rate, you may be able to find a person (or people) willing to lend you the money directly. The amount of interest you should expect to pay will vary depending on your state of residence and how Prosper grades your risk to lenders. Review the Prosper website for more details about how to request a loan through its service.

I hope one of these two options helps you obtain the loan you need to finalize your automobile purchase and helps you Find. Learn. Save.

Best of luck,

Bill

www.bills.com