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6 min read Published March 02, 2023

Written by Hanneh Bareham Written by Student loans reporter Hanneh Bareham is an expert in all matters related to personal and student loans and can help you finance your next endeavor. She is determined to assist others reach their collegiate and financial goals by making loans simpler to comprehend. The article was edited by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since late 2021. They are dedicated to helping readers gain confidence to manage their finances by providing concise, well-studied information that breaks down otherwise complex issues into digestible chunks. The Bankrate guarantee

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You have money questions. Bankrate can help. Our experts have been helping you manage your money for over four decades. We are constantly striving to provide consumers with the expert guidance and the tools necessary to be successful throughout their financial journey. Bankrate adheres to a strict code of conduct policy, which means you can be confident that our content is truthful and reliable. Our award-winning editors and journalists provide honest and trustworthy content to help you make the right financial decisions. The content created by our editorial staff is objective, truthful, and not influenced from our advertising. We’re transparent about how we are able to bring quality content, competitive rates, and useful tools to our customers by revealing how we make money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and services, or by you clicking on specific links on our website. So, this compensation can influence the manner, place and in what order items are listed, except where prohibited by law for our mortgage, home equity and other products for home loans. Other factors, such as our own proprietary website rules and whether a product is available within your region or within your self-selected credit score range could also affect the way and place products are listed on this website. While we strive to provide the most diverse selection of products, Bankrate does not include details about every financial or credit product or service. If you have a low credit score, you may be concerned about whether you will get approved for an auto 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 the options. Although you may have bad credit — a credit score between 300-500 can make getting a more difficult, it’s not impossible. Additionally, you’ll notice that borrowing costs are far lower when you use a bank credit union or online lender, no matter what your credit rating. Steps to get a car loan with bad credit Prepare on several fronts before you start the application process to get an automobile loan for those with bad credit. Take note of your credit score, and make certain that all terms are in place prior to the purchase. 1. Know your credit score Before you begin the shopping process make sure you check your credit score. Based on the FICO credit scoring system that can range from 300-850 scores, any score less than 580 is considered as poor. It is important to know that your FICO score is calculated based on factors such as how much you owe, the length of your credit history, and the history of your payments. Inability to pay on time, regularly spending more than your available monthly credit, and having a poor credit history all can affect your credit score. Tips from Bankrate

Prior to you apply to get an auto loan be sure to avoid opening any new credit card or loans. Be sure to do this prior to when you begin shopping can put you in a favorable position with the lender.

2. Set aside money for a downpayment If you have a lower credit score, on a car can increase your odds of being granted the auto loan. Saving a little money each month to pay for a down payment can help offset the higher interest rates caused by poor credit scores and could reduce your loan-to value ratio, helping you qualify for more favorable conditions. The experts recommend a down payment that is at least 20 percent however if that’s just too much, you can make a payment that you are able to afford. There are dealers that work with credit-challenged clients will allow down payments as low as $1,000. 3. Research as much as you can so that you don’t get surprised when the time comes to negotiate. Before you submit an application for a loan, know what and what are the most common APRs offered by auto lenders. If you have the bad credit score, you’ll probably be offered the highest rates advertised. If you’re buying used, it also helps to know the of your preferred car. 4. Start looking around. Once you’ve started the process of shopping, don’t limit yourself to just one lender. There are a variety of lenders who can help you get an loan, including: Banks or credit unions already have an existing relationship with a bank or credit union start by looking here. Some credit unions and banks provide members with discounted rates. Online lenders: Many online lenders offer an application tool for prequalification on their sites, which allows you to determine what terms you might be eligible for prior to submitting an application. This will save you from having a hard credit check if you don’t meet the requirements. Car dealerships: You can be approved if you satisfy the credit and financial requirements. You’ll talk to an agent from the finance department, and they will send your information to different lenders. Some dealers may also have programs for people with bad credit history. However, dealerships frequently mark up the rates they offer to make more money off the deal. Buy-here, pay-here dealerships: Buy-here, pay-here dealerships can be useful if you don’t get an approval from banks or lender for the loan however, be careful. While these types of dealerships are more likely to approve a person with this type of loan, the interest rates can be much higher. Bankrate tip

They conduct a hard credit check in the course of applying. It’s wise to consider three lenders over a period of 14 days so your credit score doesn’t be hit by multiple slaps.

5. Prequalify with lenders. Prequalification allows you to determine if you’re eligible for the loan before you apply and see the estimated loan terms. Plus, you’ll save time on applications and avoid unnecessary hard credit checks that can negatively impact the credit rating. After you’ve been prequalified by several lenders, you can submit documents and be approved. This will lead to a formal credit report, however the loan holds more weight as it is a sign of the lender’s intention to provide the auto loan to you. You’ll also have leverage when you enter the dealership and negotiate with them as the cash buyer. 6. Be sure the terms are final 6. Avoid subprime lenders Subprime lenders can seem like a sure option for anyone who is trying to secure an auto loan with bad credit. These lenders usually cater to customers with lower credit scores and can make the car purchasing process seem easy and stress-free -initially. But can come with sky-high rates of interest, and can result in the payment of thousands of dollars to pay interest throughout the course of the loan. Tips for banks

Only consider subprime lenders if you cannot find another financing option.

7. Shop loan terms do not include monthly payments. monthly payments look attractive on paper and are typically used to entice buyers. They could result in you having to pay more money for the car over the life of the loan because they . Because the car loans specifically designed for bad credit have higher APRs and you could end up paying thousands more than your car’s full value by the expiration of the loan because of interest accumulation. When you shop to purchase a car, search for the best terms — usually with the lowest interest rate over the shortest period. That way, you will be able to make more affordable monthly payments with fair interest rates. If you can’t locate a lower APR you can consider looking for a different vehicle. 8. Bring a friend with you — and consider the possibility of a co-signer. Ask an acquaintance or family member to join you, according to Massachusetts-based consumer lawyer Yvonne Rosmarin. A trusted friend or relative at the table to negotiate can create confidence. In turn, confidence, coupled with knowledge, could help you negotiate better loan conditions. You might consider asking a person in your family or friend to become a . Ideally, the person you choose to co-sign with has a steady source of income, a good credit score, and a stellar credit background. Co-signers decrease a lot of the risk that lenders faceas the co-signer is responsible for the loan in the event of a default on your repayments. The addition of a co-signer an advantage and typically results in an interest rate that is lower. 9. Beware of add-ons and scams Nonprime buyers are more likely to encounter lending contracts with nonessential items and services, says Josh Frank, former senior researcher for the Center for Responsible Lending. Other expenses, like that can add up for nonprime buyers. Don’t sign any loan that is contingent upon certain things, like extended warranties, after-market services or . Take note of such additional charges, especially if you need to apply to an auto dealer that offers buy-here or pay-here or you are planning to trade in your vehicle. And understand that rolling these charges into your loan means you’ll have to pay more in interest over the loan term. 10. Be sure the terms are in place if you finance via a dealer you must make sure the terms are in place before signing. If you don’t do this, you could be charged more monthly. Some shady dealers tell car buyers that their financing may not be complete well after the customer has completed the purchase and they have to accept the higher rate of interest or even return the vehicle. This is known as . Where can I locate a bad credit car loan Car loans are available through most financial institutions, including credit unions, and online lenders. You can also use dealership financing, which is discussed in the previous paragraph. If you’re a person with bad credit, you’re more likely to be able to secure a loan with acceptable terms from the internet lender. Certain credit unions may allow you to get the bad credit car loan if you have a positive track record with their institution. Check out Bankrate’s picks for the best to explore options. Bad credit car loan APRs Those with good or excellent credit score get the best affordable auto loan offers. However, that doesn’t mean you’ll be denied loans if you have a credit score less. However, your costs for borrowing are likely to be higher because of the risk you pose to the lender. Here’s a breakdown on the current average interest rates by credit score for the fourth quarter of 2022 Credit score range

New car

Car used

Deep Subprime 300-500 500

13.42%

20.62%

Subprime: 501-600

10.79%

17.46%

Near Prime: 601 to Near Prime: 601 to

8.12%

12.08%

Prime: 661-780

5.82%

7.83%

Super Prime: 781 to 850

4.75%

5.99%

Next steps If you are in the process of establishing bad credit, it may be more difficult to secure an auto loan. You may face lower interest rates or lenders who are predatory. However, researching, saving for a down payment and getting preapproved will help in negotiating the most favorable rate for an automobile loan. If you that’s right for you, be sure to make punctual payments to boost your credit score. In the future, you could be able to get a loan with more favorable conditions. Find out more

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Written by Student loans reporter Hanneh Bareham specializes in everything that is related to student and personal loans and can help you finance your next endeavor. She hopes to assist others reach their collegiate and financial goals through making loans easier to understand. Edited by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since late 2021. They are dedicated to helping readers gain confidence to control their finances with concise, well-researched, and well-researched content that breaks down complicated subjects into bite-sized pieces.

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