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How can you get a car loan with bad credit?
I need to get a car loan, but I have really bad credit right now. What can I do to up my chances of getting a car loan with bad credit?
Liz Jenson · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Bad credit can be hard to deal with—but try not to worry. It’s only temporary! Here are a few ways to increase your chances of getting a car loan with bad credit:
- Make a large down payment. Lenders will often offer better rates to people who can pay back at least 10% of their total loan for a used car upfront.
- Find a cosigner. If your credit score is your main concern, a cosigner with a good credit score could help reassure lenders that you’ll pay them back. As a result, you’ll likely qualify for a better loan than you otherwise would.
- Shop around. Some lenders actually specialize in borrowers with bad credit. While some banks and lenders may not work with you, these specialized lenders will typically offer you a loan.
- Try a credit union. Credit unions are nonprofit organizations that serve the community. If you qualify for a membership, you may find a loan with flexible terms and a low APR.
Remember that you’ll also need a new insurance policy once you buy your new car. Luckily,
Jerry
can help you find the coverage you need at an affordable rate.Just download the app, answer a few questions—and Jerry will send you competitive quotes from over 50 top providers like Nationwide and Progressive for free.
MORE: How to buy a car with bad credit
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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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