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"How do I get a better interest rate for a bad credit auto loan? "
"I have been to a few “buy here, pay here” dealers and their payment terms are unaffordable. I have also applied with a few online lenders, but all have come back with a ridiculous interest rate. Is there anyone out there that will give me an affordable bad credit loan?
"
Johnny Puckett · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“There are plenty of lenders that specialize in bad credit loans, but as you have found, all of them usually have high interest rates.
Examining your credit score is how lenders determine risk, and lending to someone with bad credit is high-risk so they need to charge accordingly.
If you can’t afford the higher interest rates, you should save up the money to pay for a cheap car in cash or wait until your credit score has improved to try to buy a new car.
To improve your credit score, you can:
- Pay bills on time
- Seek out higher credit limits
- Dispute credit report errors
- Avoid closing credit cards
- Be added to the credit card account of someone with with good credit as an authorized user “
View full answer
- Gregory R.
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