With any big purchases that require loans, it’s ideal to have a spotless credit score. However, what if you have zero credit? Does this mean you won’t be able to buy a Lexus car in Jacksonville, FL? What are your options if you have a non-existent credit history? 

Buying a Lexus with No Credit 

You can absolutely buy a car with no credit. However, expect to be met with limited financing options.

Typically, to qualify for a loan without any credit on your side, you’ll have to foot a higher down payment or get a family member to act as a co-signer. You’ll also need to submit proof of a steady full-time income.  

Establishing a Credit History 

To qualify for a loan with a low interest rate, we highly recommend spending three to six months building a credit history. Not only will this qualify you for a better car loan, but you’ll have an established credit history that will be invaluable when applying for other loans down the road. 

Follow these steps to build your credit from scratch: 

  • Apply for a secured credit card with your banking institution. A secure credit card works like any other credit card, but you make a deposit into the account which becomes collateral. 
  • Have your utility bills reported to the credit bureau. Bills like utilities and phone payments typically aren’t reported, but you can request to have them reported to build credit. 
  • Apply for a retail credit card. You can also qualify for a retail credit even if you have no credit. Doing so will help you build a secure history.

For more financial assistance, visit Lexus of Orange Park to buy or lease a model like the Lexus ES 350. You don’t have to have stellar credit to get approved for financing, but we’re more than happy to help you raise your score.