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."

Answer
“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.”
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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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