How do I get an auto loan with bad credit?
Question by 22butterfly22: How do I get an auto loan with bad credit?
I need to get a new car and need a loan. I have bad credit though. I have applied to numerous banks online and been rejected. Does anyone have some ideas?
Best answer:
Answer by James W
Try going with a “second chance” lender like Drive Financial. Or you could go to a “Buy Here, Pay Here” dealer, also known as a “Tote The Note” that reports to the credit agencies.
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Tags: Auto, bad credit auto loan, Credit, loan
Go to a used car place that is semi-reputable. Many of them offer loans to people with bad credit. The monthly payments will be high as well as the interest rate. Also do an internet search for car loans and bad credit and add the state or town where you live and options will pop up.
Do remember that the more that you have your credit run by these people the more your credit drops. So only run it when you are very serious about a car.
Good Luck!
Auto finance is what I do for a living and your best bet is to find a large dealer that advertises Special Finance and go talk to the Manager they should be able to help you.
Vehicle loans are based on 10 different factors and it’s not possible for a lender to see all of them unless your application is submitted by a dealer.
I have been through the same situation. You have to go to car dealerships or lenders that have a “special finances” department. I tried the online route also and had no luck. I don’t know where you live but I finally was able to get a car through Car-Hop. **You need to be careful at Car-Hop though because they do not service their cars before putting them on the lot** Certain things are under warranty but not everything. You can also try the phone book and look for dealerships that will help people with bad credit. Be ready to pay very high interest rates.
Stop applying for loans, nobody is going to give you one right now. Save your cash and buy something you can afford.