How do you get a car loan with bad credit?

Answer 1

• You could get a co-signer and if that doesn't work you would need to go to one of those buy here pay here car lots but beware if you miss one payment they will come and take your car plus you usually need a huge down payment

• And with a large enough down payment you do not need to go to a buy here pay here. The other suggestion besides the one above is save and out a large down payment through a reputable dealer and a good finance company. Because the buy here pay here places will charge you the same interest as the regular finance company, but you will not get the benefit of having it report to the credit bureau.

• By you applying to bad credit loan providers out there, they can approve everyone regardless of their history. But the drawback is the interest rate is much higher, and you maybe limited to a pre-approved amount.

• Depends upon your current credit rating and your "debt to income ratio". If your credit rating is too low or your debt to income is too high, chances are you will not get that car loan. Beware of loan sharks and some online sites ... they will loan you the money for perhaps 30% or 40% interest - you could wind up paying over $15,000 for a $2,500 car if you go that route.