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What should I do if I can't get a car loan anywhere?

I can’t find a car loan anywhere. I think it’s because I tanked my credit a while ago and I’m still recovering. Every lender I can find wants me to pay crazy interest rates, which I can’t afford to do. What should I do instead?

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Liz Jenson · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Try not to worry! While you may feel hopeless, you have a few options if you’re having trouble finding a car loan that works for you:
  • Find a cosigner
    . If you think that your credit score is the thing keeping you from getting a good rate on a car loan, you might consider getting a cosigner who has excellent credit. If you do this, you’ll qualify for better rates.
  • Meet the income requirements. If you have a low credit score, most lenders will require that you meet a specific income requirement to take out a loan. Usually, this requirement is $1,000 to $2,000 per month before taxes.
  • Make a large downpayment. Usually, lenders will offer better rates to people who can afford a large downpayment. If you can save up before taking out your loan, you could save on interest. Consider using your tax return to increase your downpayment amount.
  • Check local credit unions. Credit unions often offer flexible rates to people with low credit scores. If you’re having trouble finding a loan that works for you, this would be a good place to check.
Once you find a car loan that works for you, you’ll also need car insurance. The
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MORE: What is a good credit score for a car loan?
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