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You can buy plenty of decent cars with cash. But if you don’t have access to cash, you may need to obtain an auto loan. It is one way of buying a car. If you have a good credit score, you can easily get an auto loan from car dealers, banks and credit unions.

But what if you don’t have a credit score? You fall under the category of zero credit car buyers. If you are a zero credit car buyer, it becomes difficult to obtain an auto loan because lenders are unable to judge your debt repayment ability. But, does it mean that a zero credit auto loan is as rare as hen’s teeth? The answer is no.

Zero Credit Car Buyers can get behind the Wheel

If you are a zero credit car buyer, you can still buy a car. But, don’t get tempted by ads that contain words such as “No Credit Required” or “Anyone Can Qualify!” There’s always a catch. You must remember that nothing is free in the world. Usually, fraudulent lenders aim to persuade zero credit car buyers through false advertising statements. They make you believe that you are getting a good deal but in reality they may charge you a high interest rate.

Usually, zero credit car buyers have to accept the outrageous loan terms and interest rates offered by lenders. But, do not worry. With a little bit of effort, you can get behind the wheel. Consider the following things before stepping out for buying a car:

>>You must have a job that fetches income. It will guarantee regular payments to the lender.

>>You must have a valid proof of working with your current employer for at least six months.

>>You must have the residence proof that mentions you are staying at your current residence for at least six months.

>>Search for a cosigner with an excellent credit history. It will reduce the lender’s risk and provide you with instant loan approval.

>>Explore various financing options before you choose the one that suits you.

>>If approved for an auto loan, make sure that you pay monthly payments on time as it will help you to build a good credit score.

Getting a zero credit auto loan is difficult but not as rare as hen’s teeth. It is not easy as obtaining a loan with a good credit score. But if you are serious about doing your homework, you can convince the lender of regular payments and obtain the loan. Also, it can prove to be a good step towards establishing your credit score.

Having no heirs to pass on his estate, he chose to donate his wealth to charitable church groups when he turned 87. And so, one day he went to the office of Edward Jones & Co. in Fort Lauderdale, Fla. in 2007 for that very purpose.

In February 2008, Mr. Tharpe asked his stockbroker to sell only one position, his Wachovia Bank shares, whose branch had given him such poor service. He also told the broker to maintain all the rest of his portfolio. And this is when the whole thing blew.

Based on the arbitration award handed down by the Financial Industry Regulatory Authority, or Finra, and the narrative account of Todd Zuckerbrod, Mr. Tharpe’s lawyer in the case filed against Edward Jones and its broker, William Holland, the story chronicles the extent to which scammers will go to fleece their clients, even the elderly.

It seems Holland took his sweet time, spending eight months to dispose of 30,464 Wachovia shares in a falling market, while making 81 unauthorized purchases using the sales proceeds. Holland also convinced Tharpe to liquidate a fully-matured insurance policy and to purchase an annuity in which Tharpe paid Holland a fat commission of $49,549.

How could a broker do that to an old man who probably lived a big part of his time visiting or staying in the hospital? An old man who had no way to comprehend, let alone suspect anything wrong with the insurance switch or even with his brokerage account. As he described the testimony at the Finra hearing, Atty. Zuckerbrod stated, “Mr. Tharpe was hardly focused; you could be conversing with him for a few minutes and then, all of a sudden, he would be talking about B-52 bombers flying in the skies.”

This kind of thing can happen to any elderly person – to you or to your parents. You could be 85 or so and still be smart enough to appreciate Warren Buffett’s counsel about index funds. However, two to three years down the road, you could become a sitting duck to clever cons out to cut 20% off your gains who share nothing to cover part of your losses.