Can i get auto loan if i have bad credit?
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There are a lot of auto dealers now that will finance you no matter what your credit is. Ideally you want one that will report your payments to the credit agencies, as this will help improve your credit.
You can, even with the current economy. However, you will need to do your homework and quite a bit of legwork to find a dealer/loaner who will work with your risk. Needless to say, you will face high interest rates and relatively unfavorable loan terms. As long as you have a steady source of income and can manage the monthly payments, you should be fine. Keep in mind a bad credit score will likely require a much higher downpayment on the vehicle.
If you can wait a few months to a year, do your best to raise your credit score and try to secure a better interest rate on your loan.
Probably the best thing you can do is get someone who owns a house or has a really good credit rating to co-sign with you.
After that (or before if you like) you should look around for places that specialize in bad credit loans.
When you start looking for places that specialize in bad credit loans, what you want to use is some kind of broker instead of just one company. A broker can submit your application to multiple lenders all at the same time. Those lenders then make offers and compete for your business, and you just pick the deal that suits you the most, or none if that’s the case.
The site listed in my source below has links to three brokers who specialize in auto loans for people with bad credit. It’s a scam review site, and it speaks positively of all three brokers so maybe you should give it a try.
Brokers are great because it’s free to use their services.
Auto loans for bad credit are offered to people who have acquired bad credit by late and/or missed payments. A bad credit auto loan helps to re-establish the credit history of borrowers. Bad credit auto loans can be used to buy a used vehicle. Sometimes, these loans can be used to finance a new car. Bad credit auto loans are short-term loans, and their repayment period extends from 48 to 60 months.
The first step in the process of applying for a bad credit auto loan is to determine your FICO score, also known as credit score. Credit bureaus such as Equifax, Trans Union, and Bradstreet can determine your credit score. A credit score of 650 and below is regarded as bad credit. Borrowers with poor credit are usually offered high interest rate auto loans. The next step is to search for a trustworthy lender. The Internet is a good source to locate lenders dealing in bad credit auto loans.