What is the quickest way to get a car loan if I have bad credit?
"My car just died and I need one to get to work. Unfortunately, funds are tight and I need to get a car loan even though I have a credit score of about 500.
What's the quickest way to get a car loan in my situation?"
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Answered on Jun 15, 2021
Eric Schad has been a freelance writer for nearly a decade, as well as an SEO specialist and editor for the past five years. Before getting behind the keyboard, he worked in the finance and music industries (the perfect combo). With a wide array of professional and personal experiences, he’s developed a knack for tone and branding across many different verticals. Away from the computer, Schad is a blues guitar shredder, crazed sports fan, and always down for a spontaneous trip anywhere around the globe.
“You’ll find numerous lenders willing to give you a loan at a 20% interest rate with a credit score around 500.
Since you don’t have the funds for a down payment nor the ability to buy a car with cash, a loan might be your best bet.
However, you should know the results of your actions. You’re going to pay a ton of money on interest and you’re going to be upside-down on the vehicle for almost the entirety of the loan. If anything should happen to the vehicle, you might end up having to pay a loan with nothing to show for it. Furthermore, your chances of getting the car refinanced further down the road are slim.
In your case, finding a cosigner with good credit is your best chance to get a decent interest rate. If not, find the cheapest car you can and pay off the loan as fast as you can.”
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