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What is the best car loan for bad credit?
I want to get a car loan, but I don’t have the best credit. I’m well aware that interest rates are higher because I have bad credit, but I don’t want to blindly pick a lender. What’s the most favorable car loan for bad credit?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Bad credit can have a drastic impact on
car loan
interest rates, but you’re right! Don’t feel trapped into a high interest rate. Instead, shop around for rates to get the best car loan for bad credit.If you’re not sure where to start, the best plan is to exhaust every resource. While some lenders may be unwilling to work with you, others will. Some options for better interest rates include:
- Credit unions
- Banks
- Dealerships, as they often run promos and specials to entice buyers
If none of those lenders want to offer you a loan, you may have to work with lenders that specialize in bad credit loans.
Buy-here-pay-here
establishments may extend credit to you as well, albeit at a higher interest rate than traditional lenders.You also have options to increase your chances for acceptance, such as:
And as a final rule, you should never buy more car than you can afford. You still have to factor in other costs of ownership, including maintenance, gas, and car insurance. Once you find a loan, make sure that you shop around for car insurance on the Jerry app to help you find the lowest rates.
As a licensed broker,
Jerry
helps you find and compare quotes from over 50 top providers, including Nationwide, Allstate, and Travelers, in minutes. When you find a better rate, Jerry can help you buy your new coverage and even cancel your old policy!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.
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