If you are in need of a new car but your credit is not up to par, there’s plenty of companies out there that will still give you a car loan. Although these companies will give you a car loan, please be aware that the interest rate on these loans are high. These rates range between 11-15%. This means that you will be paying double of what someone would pay if they had good credit.
Where do I start?
The first thing you should do is check and see how good or how bad your credit score actually is. If you’ve bee told that you have bad credit but have never actually checked your score, you can head over to annualcreditreport.com to get your free annual credit report. This will help you understand exactly where you stand in terms of credit scoring, and will give you a better idea on a plan of attack when applying for a car loan.
Top 5 car loan companies for people with bad credit
Here’s our curated list of the top 5 car loan companies for people with bad credit.
|Carvana is a new way of buying your car. Not only do you get your financing done online and quickly within minutes, but the car is then shipped straight to your home!||Visit Carvana|
|When applying through Lendmark Financial, they actually create a custom tailored loan plan that fits your needs and credit profile.||Visit Lendmark Financial|
|You might have seen commercials for DriveTime on the TV lately. DriveTime has hundreds of car dealers throughout the US and their website lets you get pre-approved easily by filling out their online form.||Visit DriveTime|
|“RoadLoans is a direct-to-consumer auto lender operating online and specializing in subprime auto loans.” This means that they tailor specifically to people with bad credit.||Visit RoadLoans|
|“Payments for Any Budget. Low Money Down. Apply in 60 Seconds. Instant Response. New / Used Cars. Fast Financing with Loan Options Tailored to Suit Your Needs.”||Visit CarsDirect|
Please note that this is a curated list. Please do your own research and read reviews prior to applying with them.