Auto Loans and Financing
Repossession
Personal Finance
Loans
Money Management
Credit

How do you get a car loan with bad credit?

202122

Top Answer
User Avatar
Wiki User
2012-04-01 11:17:52
2012-04-01 11:17:52
  • 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.
1
๐Ÿ™
0
๐Ÿคจ
0
๐Ÿ˜ฎ
0
๐Ÿ˜‚
0

Related Questions

User Avatar

A car loan is considered a personal loan. While bad credit makes it harder to get any loan, individual car dealers decide whether they will allow a car loan with bad credit. A personal loan is an unsecured loan.

User Avatar

There are many options for buying a car with bad credit. Some options for buying a car with bad credit include taking out a loan from a company and taking out a loan from a friend or family member.

User Avatar

It is still important to have a car loan even with bad credit if you wish to purchase a car. By going through your bank you can find the best way to take out this type of loan.

User Avatar

If you have bad credit and no money you should not be looking at a loan. Get your life straightened out first. Cars are not required, good credit is.

User Avatar

First you should seek out your local bad credit car loan providers, and ask them to provide you the re-financing car loan. In this situation the normal lenders will most likely turn your down.

User Avatar

One can get an auto loan refinance with bad credit from several providers of this type of loan from such companies as, Road Loans, Get Me Car Finance and Midland Credit.

User Avatar

If you are looking for money over a shorter period of time, even you have a bad credit score. Fresh Instant loans give you a quick bad credit loan whenever you need.

User Avatar

There are many places one can get a car loan with a bad line of credit. There are companies online that offer services in helping with bad credit, some of them include Easy Auto Lenders and Cars Direct.

User Avatar

There are many places one might go get a car loan if one had bad credit. One of the best options for anyone seeking a car loan would be one's financial institution.

User Avatar

If you have bad credit and want to apply for a car loan, be honest with the creditor. Let them know you have bad credit, but show that you have made consistent payments on particular bills recently.

User Avatar

Yes, you can get Bad Credit Loan.

User Avatar

You can obtain what they call a "Payday Loan" if you have bad credit. Just take along the title to your car and it will be used as collateral for your cash loan. Of course if you don't pay back the cash loan they get to keep your car.

User Avatar

A person cannot include someone's income on a car loan, without their bad credit affecting the outcome of the loan. If another person is placed on the car loan, that other person will also be run through a credit check. This includes cosigner applicants.

User Avatar

There are many bad credit car loan companies that may be able to help. These include Car Finance 247, the Bristol Car Finance company and Capital One Loans.

User Avatar

Yes they can if they have had another loan with your name and their name.

User Avatar

If one has bad credit and cannot get approved for a car loan through a bank, there are a number of companies that can help. Some options include Cars Direct, Car Loans Canada and 310-LOAN.

User Avatar

Bank Rate is an website which provides information about obtaining a car loan with bad credit. It lists nine steps detailing how to obtain a car loan.

User Avatar

It will be hard to get a loan when you have bad credit. However, if you already have a loan and have bad credit on other things such as credit cards, then keeping your payments current on your loan can help improve your bad credit over time.

User Avatar

You need to check your credit score to make sure your credit is 600 or over if not you have to either put a larger down payment or pay off some debt before buying a car. The interest on a car loan with bad credit can be very high.

User Avatar

This is an interesting question and to actually answer the question would be impossible because no car loan will cure bad credit. However, if the question is supposed to be can I get car loans with bad credit, then the answer is yes you can. It will most likely have a higher interest rate because you are a higher risk, but most dealers have lenders that approve loans for people with bad credit. Yes you can get car loans with bad credit just go interenet there are many sites available who offer car loans with bad credit just apply for car loan there they will contact you if you are eligile.

User Avatar

It is not likely that any lender would loan you enough money to purchase a new car if you have bad credit. The risk is too costly since there is the strong chance that you will not repay the loan and the value of the car will decline quickly. If you have bad credit you should be looking at a used car that you can afford on your own or at a seller who will finance it for you.Bad Credit Car Loan is not easy to get first of all contact car lenders near you and ask them about you car loan eligbility or you can find many sites available on internet just filled out small application form they will contact you within 2 business days.

User Avatar

Ottawa car loan offers many cheap bad credit car loans in Ottawa which accepts people who have a lower credit score than what other companies need. This is a great and reputable company also.

User Avatar

For people with bad credit it is not impossible to get a car loan. Some financial companies give credit to people who have had past credit issues. Using these companies result in higher interest rate premiums. For the most part you can often qualify for a car loan if you clean up your bad credit rating and applying for loans at the right places. Places you can apply for an auto loan is Bad Credit Auto Loans and Road Loans.


Copyright ยฉ 2020 Multiply Media, LLC. All Rights Reserved. The material on this site can not be reproduced, distributed, transmitted, cached or otherwise used, except with prior written permission of Multiply.