Can I get a car loan without a cosigner and bad credit?

"Can I still get a car loan if I have bad credit and no cosigner? I have a credit score of just below 500 and I need an auto loan. However, my parents and my friends won't cosign for me."

“There’s almost always a lender willing to work with you even if you have bad credit.
The trade-off is that your interest rate will probably be exorbitant. Realistically, your rate might be 15% to 20% or higher.
If you need to have a car, paying cash for a car is probably the better option, or paying a large down payment. You might find a better deal shopping for used cars.
If you have to take out a loan, the best idea is to build your credit and refinance as fast as possible. This will help you save tons of money.”
Eric Schad
Answered on Jul 28, 2021
Eric Schad has been a freelance writer for nearly a decade, as well as an SEO specialist and editor for the past five years. Before getting behind the keyboard, he worked in the finance and music industries (the perfect combo). With a wide array of professional and personal experiences, he’s developed a knack for tone and branding across many different verticals. Away from the computer, Schad is a blues guitar shredder, crazed sports fan, and always down for a spontaneous trip anywhere around the globe.

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