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Where can I get a car loan with bad credit?
I have bad credit after being irresponsible in my 20s. I'm working on improving it, but I need a new car. Where's the best place to get a car loan with bad credit?
Emily Maracle · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
It can be difficult dealing with past mistakes or decisions, but it’s great you’re taking the steps to turn your credit around.
Since you already know you don’t have great credit, you’ll want to shop around for
car loans
with lenders that specifically lend to those with lower credit scores. If you plan on purchasing a car through a dealership, let them know that you don’t have great credit. Dealerships often work with a variety of lenders to ensure that almost anyone who walks in can get a car. Some dealerships often offer in-house financing as well. Although rates are often higher than with a traditional lender, your credit score doesn’t plan as big of a part in getting a loan.
You should also look into your own bank or credit union. Since you’re already a customer with them, they may be able to provide you with a more favorable rate even with your credit score.
Even if you get a loan through one of these lenders, consider saving up enough money for a large down payment. With bad credit, you can often save more money on interest or have a better chance of being approved for a loan if you can put a larger down payment down.
After you find a car and are approved for your loan, be sure you to shop around for
car insurance
. Most dealerships and lenders require car insurance before taking your car home, so you’ll want a policy in place ASAP. If you’d like cheap insurance fast, try Jerry
. Jerry is an app that gathers personalized quotes from top insurance providers, ensuring you have the best rates in minutes. MORE: How to get a cosigner for a bad credit car loan
View full answer
- Gregory R.
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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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