“If you’re putting 20% down, you may find that lenders are more willing to work with you. However, the rates might be higher than you anticipated and you may face rejection from some lenders.
A credit union or local bank that you have a relationship with may offer you a loan, as well as lenders that specialize in high-risk car loans. Either way, you’re probably looking at around a 10% APR.
If you take this loan, keep making your payments. Eventually, you should see a significant rise in your credit score, at which point you should refinance the loan at a lower rate.
And don’t forget to budget for car insurance, gas, and maintenance, as buyers (especially first-time buyers) forget about these aspects of having a vehicle.”