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?

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 Jerry app makes it quick and easy to find the best rates available on the car insurance coverage you want. Just download the app and answer a few questions to see a comprehensive cross-analysis of the best car insurance policies that work for you. The average user saves $879 per year.
Liz Jenson
Answered on Dec 02, 2021

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