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How do you get a small car loan with bad credit?
What can I do to get a small car loan with bad credit? My credit score isn’t great, but I really need a car. I found one that’s cheap enough to buy if I qualify for a loan.
Liz Jenson · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
It’s great that you’ve already found a car that works for you! There are a few things you can do to improve your chances of getting approved for a small car loan with bad credit:
- Make alarge downpayment. Many lenders will offer you better terms if you can put a large amount of money down.
- Reduce your debts. Lenders will often look at your debt-to-income ratio when determining rates. It helps to pay off as many outstanding debts as you can before applying for a loan.
- Get a cosignerwith excellent credit. A cosigner can help you get better terms and lower interest rates.
- Shop around and look at rates and terms with different lenders. Some lenders specialize in borrowers with bad credit and may offer you more favorable terms.
While you’re shopping around for a car loan, consider shopping for better car insurance rates, too. The
Jerry
app can show you your options in a comprehensive list, making it easy to compare rates and coverage options. Just download the app and answer a few quick questions and Jerry will help you switch to a new policy that could save you hundreds!View full answer
- Gregory R.
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