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How can I get a car loan with a bad credit score?
Is it possible for me to get a car loan when I have a bad credit score? I’m starting college this year, and I need a car to get to school. Unfortunately, my credit score isn’t great.
Phoebe Mah · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Congratulations on starting university! While you can get a car loan with bad credit, you should be aware that you’ll probably have a high interest rate and inflexible terms. Luckily, you can use these tips to find a reasonable car loan with bad credit:
- Use a cosigner to help assure lenders you’ll be able to make your payments. Acosignerwith good credit can go a long way in helping you secure a reasonable car loan.
- Shop around for a lender with good terms before signing any agreements. The first lender you find will rarely be your best option, so take some time to find a lender you like!
- Credit unions may also be able to help you with a reliable short-term loan. Since they’re nonprofit organizations, they’ll likely offer better terms with much lower interest rates.
- Make a large down payment to reduce the risk your lender takes on. When you make a big down payment, your rate will usually be lower, and your interest may even decrease as well!
Once you get your loan and buy your car, you’ll also need a new insurance policy. Luckily,
Jerry
’s here to help you find the coverage you need at the lowest possible rate.A licensed broker, the Jerry app can help you compare personalized quotes from over 50 top providers like Progressive and Nationwide for free. When you find a better plan, Jerry can help you buy your new coverage and even help cancel your old policy.
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- Gregory R.
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Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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