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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 goal is to help you make better financial decisions by providing you with interactive tools and financial calculators as well as publishing original and impartial content. We also allow you to conduct research and compare data for free and help you make sound financial decisions. Bankrate has partnerships with issuers, including but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The deals that are advertised on this website are provided by companies that compensate us. This compensation can affect the way and where products appear on this site, including for instance, the order in which they may appear in the listing categories and other categories, unless prohibited by law. Our mortgage or home equity products, as well as other home loan products. This compensation, however, does not influence the information we provide, or the reviews that appear on this website. We do not cover the vast array of companies or financial offerings that could be available to you. Anna Kraynova/Getty Images

6 minutes read Read Published March 02, 2023.

Written by Hanneh Bareham Written by Student loans reporter Hanneh Bareham is a specialist in all things that is related to student and personal loans and can help you finance your next endeavor. She strives to help people achieve their collegiate and financial goals by making loans easier to understand. Written by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since late 2021. They are committed to helping readers gain confidence to manage their finances with precise, well-studied and well-researched data that breaks down complex issues into digestible chunks. The Bankrate promise

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You have money questions. Bankrate can help. Our experts have helped you understand your finances for more than four years. We are constantly striving to give our customers the right guidance and the tools necessary to be successful throughout their financial journey. Bankrate adheres to strict standards , so you can trust that our content is truthful and reliable. Our award-winning editors and reporters produce honest and reliable content that will help you make the right financial decisions. The content we create by our editorial team is objective, truthful, and not influenced from our advertising. We’re honest regarding how we’re in a position to provide quality information, competitive rates and helpful tools for our customers by revealing how we make money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We receive compensation for the promotion of sponsored goods and services, or when you click on certain hyperlinks on our website. Therefore, this compensation may impact how, where and in what order products are listed, except where prohibited by law for our mortgage, home equity and other home lending products. Other elements, such as our own proprietary website rules and whether the product is offered in your area or at your personal credit score can also impact the way and place products are listed on this site. Although we try to offer an array of offers, Bankrate does not include specific information on every financial or credit item or product. If you’re a person with a low credit score, you might be worried that you won’t be able to get an auto loan from an established lender. However, before you take out a loan through a dealer who buys-here-pay-here think about researching all the options. Even though having bad credit — a credit score of between 300 and 500 — can make getting a difficult task, it’s not difficult. In addition, you’ll discover that the costs of borrowing are lower when you use a bank credit union, or online lender whatever your credit scores. How to apply for an auto loan that are based on bad credit Prepare on several areas prior to starting the process of applying for an auto loan for those with bad credit. Take note of your credit score and make sure all terms are finalized prior to the purchase. 1. Check your credit score before you begin the shopping process Check the credit scores of your customers. According to the FICO credit scoring system, which can range from 300-850, any score that falls less than 580 is considered as poor. Your FICO score can be determined based on factors such as how much you owe as well as the duration of credit histories, and your payment history. Not making your payments on time, regularly using more credit than you have available monthly credit, and having a short credit history can all affect the credit score. The Bankrate advice

When applying to get an auto loan be sure to avoid opening the credit cards of your new loans. Doing your best before you begin shopping will put you in a better standing with lenders.

2. Save for a down payment If you have a less than stellar credit score, on the road, a car could increase the chances of being approved for an auto loan. Making a small amount of cash every month to pay for a down payment could also offset higher interest rates caused by having a low credit score. It also could lower your loan-to-value ratio, helping you get more favorable terms. The experts recommend a down payment that is at least 20 percent, but if that’s too much, just put down what you are able to afford. There are dealers that work with credit-challenged clients will allow a down payment as low as $1,000. 3. Research as much as possible so you’re not caught off guard when the time comes to negotiate. Before you apply for a loan, know what and what APRs are common among auto lenders. If you have an bad credit score, you’ll likely be offered some of the highest rates advertised. If you’re buying used, it also helps to understand the features of your preferred car. 4. Shop around Once you begin the shopping process Don’t be limited to a single lender. There are a variety of lenders that can help you obtain an loan, including: Banks as well as credit unions. If you already have relationships with a financial institution or credit union, begin here. Some banks and credit unions offer members discounts on rates. Online lenders: A lot of online lenders offer a prequalification tool on their sites, which allows you to determine the conditions you could be eligible for prior to applying. This can save you an expensive credit test in the event that you do not meet the requirements. Dealerships for cars: You may qualify apply for credit if you satisfy the credit and financial guidelines. You’ll have a meeting with an official from the finance department and they’ll send your information to different lenders. Some dealers may offer loans to those with bad credit history. But, dealers typically mark up rates they provide to make more money off the deal. Dealerships that buy-here or pay-here: Buy-here, pay-here dealerships are a good option if you aren’t an approval from banks or lender for the loan however, you should be wary. Although these dealers are more likely to approve an applicant with , the interest rates can be much higher. Bankrate tip

Lenders run an examination of your credit during the application process. It’s advisable to think about 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 lets you see whether you’re eligible for the loan prior to applying and see estimates of loan terms. Plus, you’ll save time when applying and avoid unnecessary credit checks that could negatively impact your credit score. Once you’re pre-qualified with several lenders, you’ll need to provide documents and be approved. It’ll result in a hard credit check, but the loan holds more weight as it demonstrates the lender’s willingness to extend the auto loan to you. You’ll also have leverage in the car dealership and negotiate with them as cash buyers. 6. Be sure the terms are final. Avoid subprime lenders Subprime lenders can seem like a sure option for anyone who is trying to secure a car loan with bad credit. They typically cater to those with less credit scores and make the car buying process seem easy and stress-free -initially. However, they can also come with high rates of interest, and can result in the payment of thousands of dollars on interest for the life of the loan. Tips for banks

Do not consider subprime lenders if you cannot find another financing option.

7. Shop loan terms do not include monthly payments. monthly payments look good on paper and are typically utilized to attract buyers. They can result in paying more for your vehicle throughout the duration of the loan since they . Since the car loans for bad credit have higher APRs, you may end up paying more than the car’s full value by the end of the loan due to the accumulation of interest. When shopping for a car to purchase a car, search for the most attractive conditions — typically the lowest APR over the shortest time. This way, you’ll have more manageable monthly payments with reasonable interest rates. If you cannot locate a lower APR, consider shopping 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 go with you, suggests Massachusetts-based consumer lawyer Yvonne Rosmarin. A trusted friend or relative at the negotiating table can help to build confidence. A sense of confidence, when paired with knowledge, can lead to more favorable loan terms. Consider asking a trusted person in your family or friend to be a . Ideally, this individual must have a stable source of income, a strong credit score and an exceptional credit background. Co-signers reduce much of the risk that lenders face- because the co-signer is accountable for the loan should you fail to make your repayments. The addition of a co-signer the result of lower interest rates. 9. Beware of add-ons and scams . Buyers who are not prime 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 costs, such as , can pile up for nonprime buyers. Never agree to an loan that is contingent upon , such as extended warranties, aftermarket services or . Be aware of these add-ons particularly if you have to apply to a pay-here, buy-here, or buy-here dealer or plan to sell your car. And understand that rolling these costs into the loan means you’ll be paying more interest during the loan term. 10. Be sure the terms are binding if you finance via a dealer make sure to ensure the terms are final before you sign. If you don’t, you could have to pay more for your monthly payments. Some shady dealers tell car buyers that financing isn’t fully completed until after the buyer completes the purchase. They then inform the buyer that they have to accept a higher interest rate or return the car. This is known as . Where can I find the bad credit car loan Car loans are available through most banks, credit unions and online lenders. There is also dealership financing, which is discussed in the previous paragraph. But if you have bad credit, you’re more likely to be able to secure a loan with reasonable terms through an internet lender. Certain credit unions may approve you for an bad credit car loan if you have a positive background with their organization. Check out Bankrate’s picks for the best to explore options. Cars with bad credit loan APRs Borrowers with excellent or good credit scores get the best attractive auto loan deals. That doesn’t mean you’ll automatically have less options even if your credit score is less. But, the cost of borrowing are likely to be more expensive because of the risk you pose to the lender. Here’s a breakdown on the current interest rates for the average credit rating from for the fourth quarter of 2022 The credit score range

New car

Cars used

Deep Subprime 300-500 500

13.42%

20.62%

Subprime: 501 to 600

10.79%

17.46%

Near Prime 601 to 660

8.12%

12.08%

Prime: 661 to 780

5.82%

7.83%

Super Prime 781 to 851

4.75%

5.99%

The next step is to take if you are in the process of establishing bad credit, it may be more difficult to secure a car loan. There could be more favorable terms, or lenders who are predatory. The good news is that doing your research, saving to pay for a down payment, and getting preapproved help in getting the best deal for an automobile loan. If this is the loan for you, be sure to make punctual payments to boost the credit rating. At that point, ; you might find a loan with even more favorable terms. Learn more

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Written by Student loans reporter Hanneh Bareham specializes in everything related to personal and student loans and can assist you in financing your next endeavor. She aims to help others reach their collegiate and financial goals through making loans easier to understand. 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 the confidence to control their finances through providing precise, well-researched and thorough information that break down complex topics into digestible chunks.

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