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How do I get a car loan without a cosigner?
I want to finance a car, but my credit score isn't great—I had a couple rough months last year, and I'm still working on rebuilding it. Unfortunately, though, I also don't have anyone who would be a good cosigner. Is there any way I can get a car loan without one?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Although not every lender will offer you a
car loan
with low credit and no cosigner, you can still find willing lenders if you know where to look!Some of the best places to search include:
- A local bank or credit union, especially if you’ve established a good rapport
- Buy here pay heredealerships
- Online lenders or car loan aggregators
These lenders will typically consider factors other than credit history when determining your qualification status. A steady income stream and a low debt-to-income ratio can also improve your chances of approval, even without a cosigner.
Keep in mind: These loans often come with a higher interest rate that can quickly put you
upside down
on a car loan.Pro tip: To save money, use this loan to build your credit and pay off any other debt. After a year or so, try refinancing the car—getting a better deal on a loan can save you hundreds or even thousands of dollars!
View full answer
- Gregory R.
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