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How to get a car loan with bad credit Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make smarter financial decisions by providing you with financial calculators and interactive tools, publishing original and objective content, by enabling you to conduct research and compare information at no cost to help you make sound financial decisions. Bankrate has partnerships with issuers, including but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The deals that are advertised on this site are from companies that pay us. This compensation could affect how and where products appear on this site, including such things as the sequence in which they appear in the listing categories, except where prohibited by law for our mortgage or home equity products, as well as other home lending products. But this compensation does affect the content we publish or the reviews that you see on this site. We do not contain the universe of companies or financial deals that might be open to you. Anna Kraynova/Getty Images
6 min read . Published March 02, 2023.
Written by Hanneh Bareham Written by student loans reporter Hanneh Bareham is a specialist in all things related to personal and student loans and helping you fund your next venture. She strives to help students achieve their college and financial goals through making loans more understandable. Written by Rhys Subitch Edited by Auto loans editor Rhys has written and edited for Bankrate since late 2021. They are passionate about helping readers gain confidence to control their finances by providing precise, well-studied and well-researched data that breaks down complicated subjects into bite-sized pieces. The Bankrate promise
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In 1976, Bankrate was founded. Bankrate has a long track experience of helping customers make informed financial decisions.
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who ensure everything we publish will ensure that our content is reliable, honest and reliable. We have loans journalists and editors are focused on the things that consumers are interested about most -- the various types of loans available, the best rates, the top lenders, how to pay off debt and more -- so you'll feel safe making a decision about your investment. Editorial integrity
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If you have questions about money. Bankrate has answers. Our experts have helped you understand your finances for more than four years. We continually strive to provide consumers with the expert advice and tools required to make it through life's financial journey. Bankrate adheres to strict standards standard of conduct, so you can rest assured that our information is trustworthy and accurate. Our award-winning editors and reporters produce honest and reliable content to help you make the right financial choices. The content we create by our editorial team is objective, factual and is not influenced through our sponsors. We're open regarding how we're able to bring quality content, competitive rates and useful tools to you by explaining how we earn our money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for the placement of sponsored products and services or by you clicking on certain links posted on our site. Therefore, this compensation may influence the manner, place and when products are listed, except where prohibited by law for our mortgage or home equity products, as well as other home lending products. Other factors, such as our own proprietary website rules and whether or not a product is available within your area or at your self-selected credit score range could also affect how and where products appear on this website. We strive to provide an array of offers, Bankrate does not include specific information on every financial or credit item or product. If you have a poor credit score, you might be worried that you won't be able to get a car loan from an established lender. Before you decide to take out a loan through a buy-here-pay-here dealer take a look at all of your alternatives. Although having bad credit -- a credit score between 300 and 500 may make getting a loan more difficult, it's not difficult. Plus, you'll find that the cost of borrowing is much lower with a bank, credit union, or online lender whatever your credit scores. Steps to get a car loan for those with bad credit Prepare on several areas prior to starting the process of applying to get an automobile loan with bad credit. Pay special attention to your credit score and be certain that all terms are in place prior to making the purchase. 1. Be aware of your credit score prior to you begin the shopping process Check your credit score. Based on the FICO credit scoring system which can range from 300-850 Any score lower than 580 is considered to be poor. The FICO score can be determined based on things like the amount you owe, the duration of your credit record and how often you pay. Inability to pay on time, consistently using more credit than you have available monthly credit and having a poor credit history can all negatively impact your credit score. Tips from Bankrate
Before making an application to get an auto loan make sure you do not open any new credit card or loans. Be sure to do this prior to when you begin shopping will put you in a favorable position with the lenders.
2. Set aside money for a downpayment If you're not able to pay a down payment credit score, a car can increase your chances of securing and being granted the auto loan. Setting aside some extra money each month to pay to pay for a down payment could help offset the higher interest rates resulting from having a low credit score. It also can lower your loan-to-value ratio, allowing you to get more favorable rates. Experts suggest a downpayment of at least 20 percent, but if that's too much, just put down what you're able to pay. There are dealers who deal with customers who are credit challenged will take a down payment as low as $1,000. 3. Research as thoroughly as you can to avoid being surprised when it's time to bargain. Before you submit an application for a loan, know what and the typical APRs for auto lenders. With an bad credit score, you'll likely be offered some of the highest advertised rates. If you're purchasing used, it also helps to know the of your preferred car. 4. Shop around Once you begin the process of shopping do not limit yourself to just one lender. There are numerous lenders that can help you get the loan that include: Banks and credit unions: If you already have relationships with a financial institution or credit union begin here. Certain credit unions and banks provide members with discounted rates. Online lenders: A lot of online lenders provide the option of prequalifying on their websites. This lets you know what terms you might be eligible for prior to submitting an application. This could save you from the hassle of a credit check if you don't meet the criteria. Dealerships for cars: You may qualify if you satisfy the credit and financial criteria. You'll meet with an official from the finance department and they'll forward your information to several lenders. Certain dealerships might also have programs for borrowers with a bad credit history. But, dealers often mark up the rates they offer in order to earn more money on the deal. Buy-here, pay-here dealerships: Buy-here, pay-here dealerships can be useful if you aren't accepted by an institution or lender for an loan however, you should be wary. While these dealerships may be more likely to approve someone with , the interest rates can be much higher. Bankrate tip
Lenders run an examination of your credit in the course of applying. It's wise to consider at least three lenders in a 14-day period to ensure your credit score won't take multiple hits.
5. Prequalify with lenders through Prequalification allows you to see whether you're eligible for the loan prior to applying and see the estimated loan terms. Additionally, you'll be able to save time in applications and avoid unnecessary credit checks, which can adversely affect the credit rating. After you've been prequalified by some lenders, you'll need to provide documents and be preapproved. This will lead to a formal credit assessment, but the loan is more important because it represents the lender's commitment to provide an auto loan for you. Also, you'll be able to leverage yourself when you enter the dealership and negotiate with them as a cash buyer. 6. Check that the terms are final 6. Avoid subprime lending Subprime lenders could appear to be a safe choice for those who are trying to secure an auto loan that has bad credit. They usually target people with low credit scores and can make the car purchasing process appear easy and effortlessinitially. But can come with sky-high rates of interest, and can result in paying thousands of dollars more to pay interest throughout the course of the loan. Bankrate tip
Consider subprime lenders only in the event that you do not have another option for financing.
7. Shop loan terms, not monthly payments Lower monthly payments appear attractive on paper, and are often used to lure buyers. They could result in you having to pay more money for the car over the course of the loan because they . Because the car loans are available for bad credit have higher APRs, you may end up paying more than the car's full value by the close of the loan due to the accumulation of interest. When you shop for a loan, you should look for the most attractive terms , which is usually that have the lowest rate for the shortest amount of time. That way, you will have more manageable monthly payments with fair interest rates. If you are unable to locate a lower APR, consider shopping for another vehicle. 8. Bring a companion along -- and consider a co-signer Ask an acquaintance or family member to go with you, says Massachusetts-based consumer lawyer Yvonne Rosmarin. Bringing someone you trust to the table to negotiate can to build confidence. In turn, confidence, coupled with knowledge, can result in more favorable loan terms. Think about asking a trusted person in your family or friend to be a . Ideally, the person should have a steady source of income, a strong credit score, and a stellar credit history. Co-signers decrease a lot of the risk that lenders facesince the co-signer will be accountable for the loan in the event of a default on the payments. The addition of a co-signer a and usually results in an interest rate that is lower. 9. Beware of add-ons and frauds. Nonprime buyers tend to be more susceptible to loan contracts that don't include any essential goods and services, says Josh Frank, former senior researcher for the Center for Responsible Lending. Other expenses, like , can pile up for nonprime buyers. Do not sign up for any loan which is contingent on additional warranties, for example, extended warranties, aftermarket services or . Take note of such extras, especially if you need to apply to an auto dealer that offers buy-here or pay-here or plan to trade in your vehicle. And understand that rolling these costs into your loan is a way to be paying more interest during the loan period. 10. Check that the terms are binding if you are financing through a dealer, you must ensure the terms are final before signing. If you don't, you could have to pay more for your monthly payments. Certain dealers that are scams tell buyers that financing isn't completed until the buyer completes the purchase. They then inform the buyer that they must accept a higher interest rate or return the car. This is called . Where to locate how to get a bad credit car loan Car loans are offered through a variety of bank, credit unions and online lenders. Dealership financing, as discussed above. But if you have bad credit, you're more likely to be able to secure a loan with reasonable terms through the internet lender. Certain credit unions will allow you to get the bad credit car loan if you have a good background with their institution. Take a look at Bankrate's recommendations for the best options to consider. Bad credit car loan APRs Borrowers who have good or excellent credit score get the most competitive auto loan offers. That doesn't mean you'll automatically be denied loans if you have a credit score less. But, the cost of borrowing are likely to be higher due to the risk that you take on the lender. Here's a breakdown of current average interest rates by credit score for the fourth quarter of 2022: Credit score range
New car
Cars used
Deep Subprime 300 to 500
13.42%
20.62%
Subprime: 501-600
10.79%
17.46%
Near Prime: 601 to 660
8.12%
12.08%
Prime 661-780
5.82%
7.83%
Super Prime: 781 to 850
4.75%
5.99%
The next step is to take if you are in the process of establishing bad credit, it may be harder for you to obtain a car loan. You may face lower interest rates or unfair lending practices. The good news is that doing your research, saving for a downpayment and getting preapproved will help in getting the most favorable rate on an auto loan. If you that's right for you, you should make prompt payments to boost the credit rating. In the future, you might find a loan with even more favorable terms. Find out more
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Written by student loans reporter Hanneh Bareham specializes in everything related to personal and student loans and can help you finance your next project. She is determined to assist others reach their collegiate and financial goals by making loans easier to understand. The article was edited by Rhys Subitch Edited by Auto loans editor Rhys has written and edited for Bankrate since late 2021. They are passionate about helping readers gain confidence to take control of their finances by providing precise, well-researched and thorough information that breaks down complicated topics into digestible chunks.
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