You don't. Save your money, buy a beater that you can afford to pay cash for, and forget buying on credit. It will be the smartest move you can make. There is a reason you have bad credit. Could it be your choices in the past have been bad ones? Make a smart decision this time. No credit!!!
The only way one with bad credit get a loan from a bank is to use a co-signer who has a stronger credit profile.
They sign the papers with you. Basically the lender understands that if you have bad credit, then they will depend on the co-signer to help you out. Otherwise the co-signer will soon have bad credit also.
Find a co-signer with good credit. The whole point of having a co-signer is that their credit history is good enough to cover whatever gaps you have (no credit, poor credit, etc.) No one will grant a loan with a bad co-signer.
yes
Yes they can if they have had another loan with your name and their name.
You could get a federal student loan.
Yes he/she is just as responsible for the loan as the signor of the loan.
While it is still possible to get a loan with bad credit, in this troubled economy it will be extremely difficult. A high down payment and co-signer will help you in the process.
Many and almost all banks will give you a loan if you have bad credit, all that you will need is a co-signer to sign off on it with you, the co-signer is telling the banks to give you a chance, and if you mess up that he will be responsible with you to pay the loan back.
The chances of getting a personal loan with a bad credit score are generally lower compared to having a good credit score. Lenders consider credit scores as a key factor in loan approval decisions. With a bad credit score, you may still qualify for a loan, but you might face higher interest rates, stricter terms, or the need for a co-signer or collateral to secure the loan. Exploring alternative lenders, improving your credit score, or seeking a co-signer can improve your chances of obtaining a personal loan despite bad credit.
One alternatives available to you when applying for a cash loan when you have a bad credit record is having a co-signer. Also one can get a Peer to Peer loan.
A co-signer is an additional person who signs a loan/mortgage you have taken out as a precaution for the bank or lender. Depending on the situation, if you have bad credit or not enough credit history the lender may require a co-signer. The function of the co-signer is to pay the loan/mortgage in the event that the original person who took out the loan is unable to make the payments. Usually, the bank is looking for a co-signer with good credit as a back-up in case the loan is not paid.