PriceProtect™
DriveShield™
GarageGuard™
Services
Insurance
Car Insurance
Compare Car Insurance with Jerry
Jerry’s Expert Advice
Car Insurance Estimates
Home & Renters Insurance
Renters Insurance
Loans
Car Loan
Compare Car Loans with Jerry
Jerry's Expert Advice
Car Loan Guides
Repairs
Car Repair Estimates
Repair Estimates for Popular Services
Advice
Read Car Content
Browse Jerry Car Advice
Check Out Expert Car QnA
Learn About How We Create Content
Jerry Data & Research
How can I get a good car loan with bad credit?
I’ve got pretty bad credit, but I would really like to get a car loan. I want to accept a new job I was offered, but I don’t think my current car would be able to handle the commute. Is it possible to get a good car loan even if my credit is bad?
Chloe Jenkins · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
I’m happy to report that you may still be able to get a good
car loan
with bad credit. It may be a little trickier, but it’s not impossible.The best thing you can do in this situation is to make a large down payment on the vehicle you’re looking to buy. This will reduce the overall amount that you have to borrow and increase your likelihood of being approved for the loan.
You could also ask a friend or family member who has a high credit score to be your cosigner. If they agree, you may qualify for more favorable loan terms.
However, you should only enlist the help of a cosigner if you’re 100% committed to making on-time payments each month. Failing to do so will negatively impact both you and your cosigner’s credit—and potentially ruin your relationship. Who wants to do that?
If your initial loan seems expensive, you can work on improving your credit and eventually refinance into a better loan with smaller monthly payments. You may even be able to remove your cosigner at that point.
Start your refinancing search with the
Jerry
app to see how much you can save! You can compare quotes from multiple lenders without the hassle of researching and sending documents to potential lenders.Jerry’s app instantly connects you with top companies and takes into account your specific financial needs to find a loan that best meets those needs. On average, car owners pay $85 less every month by refinancing.
MORE: Does refinancing a car hurt your credit score?
View full answer
- Gregory R.
WHY YOU CAN TRUST JERRY
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.
Join 4M+ members in lowering their car insurance
You Might Also Be Interested
Read Advice From Car Experts At Jerry
What Others Are Asking
.jpg&w=64&q=75){kind=avatar}
Browse More Content
Insurance in Your State
Easiest way to compare and buy car insurance
No long forms
No spam or unwanted phone calls
Quotes from top insurance companies
