Can You Get a Car Loan With Bad Credit?

You can get a car loan with bad credit. Even if you have had a repossession or declared bankruptcy. Yes, it's true your interest rate may be higher, which means in the end you will pay more for the car, but it can be done.

You will need to decide whether you want a new or used car, the price range you can pay and what you can use as a down payment. Usually it will depend on your down payment whether you will qualify for a new car loan. Most lenders are leary of giving loans to people with even semi-bad credit, without a co-signer. Also, when working with a smaller dealership, they may not have the lending resources to get a person with bad credit approved.

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I, personally, have had this experience. I had been laid off and my bills were more than my unemployment and my car payment was what needed to suffer. I had a repossession. I, then, gained employment and needed a car. I had no co-signer (someone with good credit, who would pay the loan if something happened). I knew I couldn't get a new car, because of the repossession, but I thought I could be approved.

I went to approximately 5 different dealerships, some well known and some that say "Got a Job, Get a Car" as their advertising and was turned down by all of them. If only I had a co-signer, but I didn't. I was finally approved at a "Buy Here, Pay Here" type of dealership. You buy the car from them and they finance you in-house. My interest rate is outrageous, but I got a late model car that runs well. And as long as my payments are made on time, in 12-18 months, I can either refinance or try to get a car with a lower rate.

There is hope for people think it isn't possible. You may have to settle for a car that is not everything you want, for example, I sacrificed power windows and locks, but my car has air conditioning. Although, the reason for a car is to get you from Point A to Point B and back, so be thankful you have that.

Don't be afraid and think it is a losing battle. It may be hard at first and you may face rejection, but in the end you will get a car and have a sense of pride in doing so.

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