How to Get a Car Loan with Bad Credit

Q: 4. Which FICO® score is used for auto loans?

Most auto lenders use the FICO® Auto Score. The score ranges from 250 to 900 and weighs your auto loan and installment debt history more heavily than general scores. It helps lenders better predict how likely you are to repay a car loan based on your past behavior with similar loans.

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Key takeaways

You can increase your approval odds by making a larger down payment or choosing a less expensive car.
Applying for an auto loan with a cosigner can lead to lower interest rates, smaller payments, and easier approval.
Prequalifying and comparing offers can help you find the best terms without affecting your credit.

A bad credit score will not prevent you from getting a car loan.

You can finance a car with bad credit or no credit history at all, but it will cost you more. Lenders charge bad credit borrowers extra to compensate for the risk. Expect higher annual percentage rates (APRs) and larger down payments. While a loan will be more expensive than if you have good credit, there are ways to make borrowing affordable.

Here’s what you need to know about getting a car loan with bad credit and what to watch out for.

Steps to get bad credit auto loans

Getting a car loan with bad credit is more challenging. Before you head to the dealership, take a few steps to improve your approval odds. You may even be able to find low-interest car loans for bad credit and reduce the amount you’ll pay overall.

The one thing you won’t find is guaranteed approval auto loans for bad credit. While some lenders may advertise guaranteed approval, there is no such thing. All lenders consider your credit score, debt-to-income ratio (DTI), and employment. No lenders approve everyone.

Here’s how to improve your chances of securing an auto loan with a poor score.

Check your credit score

Take a moment to learn your credit score. Lenders have different requirements. Knowing where you stand helps you target the right lenders.

While you’re at it, check your credit report. You can get it for free once a year from annualcreditreport.com. Dispute any errors and pay down outstanding debts where possible to boost your score. Even a slight increase can improve your loan terms.

Make a larger down payment

The more money you can pay upfront, the less you have to borrow. Borrowing a smaller amount is less risky for the lender. They are more likely to approve you, even with bad credit.

Consider saving up, using funds from a tax refund or bonus, or trying to get same-day emergency loans. If you take out a personal loan to finance a car, make sure you can afford to repay it.

Find a cosigner

Applying for a car loan with a cosigner can significantly improve your approval odds. You may even secure better terms.

This is because your cosigner is responsible for repaying the loan should you default. Their presence reassures the lender that they will get their money back.

When deciding whether to use a cosigner, consider if you want complete control later. If so, ask your lender can a cosigner be removed from a car loan before you borrow. Different lenders have different policies.

Take out a short-term loan

Some lenders offer short-term auto loans that last 24–36 months. A shorter loan term carries less risk for the lender. In return, they offer lower interest rates, though the difference may not be too much for bad credit borrowers.

With a short-term loan, the monthly payments will be higher, but you’ll pay off the vehicle faster. You will also save money in the long run and avoid being upside down on your loan.

Another strategy is to take out a credit builder loan. What is a credit builder loan? It’s a small loan the bank holds onto until you’ve paid it off. After you’ve paid it off, you receive the money and a higher credit score.

Reduce how much you need to borrow

Choose a less expensive vehicle or even a used car to minimize the loan amount. The less you have to borrow, the lower the risk you pose to lenders and the more attractive your application is. You will have a better chance of getting approved. You can also pay off the loan faster, even with higher interest rates.

While your credit score will still lead to a higher rate, a smaller loan can mean less interest paid over time. Look for affordable vehicles rather than going for the latest model. Choosing a more common model can also make repairs less expensive, so you don’t have to rely on auto repair financing down the road.

Negotiate loan terms

Don’t assume the first offer is the best one. Even with bad credit, you can negotiate.

Preapproved offers will give you more leverage with lenders and dealers. It indicates that you’re serious about buying a car and may motivate them to negotiate with you. If you can secure a lower sales price, you may qualify for a lower interest rate when you finalize your loan.

Some lenders offer to beat any rate you get from a competitor. You can always present your best offer and ask the lender or dealership if they can do better.

Provide required documents

When you apply for the auto loan, you’ll need documents. Here’s a table illustrating what most lenders require.

Document	Why it’s necessary	Examples
Personal details	Confirm identity and check credit	Name, date of birth, SSN, phone number
Proof of income	Illustrates you can pay	Pay stubs, W-2s, bank statements, or tax returns
Identification	Verify identity	Driver’s license or passport
Proof of address	Confirms residency	Utility bill or lease agreement
Vehicle information	Identifies the vehicle for the loan	Complete bill of sale, purchase agreement, or buyer’s order
Insurance information	Auto insurance is required by law	Declarations page

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Auto lenders for bad credit

Lender type	Pros	Cons	Typical approval time
Credit unions	Lower rates, community focus	Membership required	1-3 business days
Online lenders	Flexible approval criteria	Higher interest rates or fees	Same day or next day
Auto financing platforms	Compare multiple loans	Variable quality, hidden fees	1-5 business days

When searching for car loans for people with bad credit, knowing where to apply can make a significant difference. Not all lenders consider applicants with low scores.

Here are the most common auto loan options for bad credit.

Dealer financing: Securing financing through the dealership is convenient. Dealerships typically contact multiple lenders for you and may offer in-house financing. The catch is that lenders may mark up the interest rate, making the loan more expensive.

One trick is prequalifying for a few offers before going to the dealership. The dealer may be able to match or beat your offer and get you approved directly at the lot.

Banks or credit unions: Banks and credit unions may approve your loan if you have a good relationship with them. Since you are already a customer, they may be more willing to lend to you. Credit unions are an especially good choice as they often have lenient loan requirements.

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Online lenders: Online lenders often cater to borrowers with low scores. Many even provide fast approval. Read customer reviews first to make sure the lender is legitimate.

Buy here, pay here financing: Buy here, pay here financing is offered directly by dealerships. No third-party lenders are involved. While convenient, interest rates and car prices can be extremely high. Some dealerships install a GPS or starter-interrupt device that can shut down your car if you miss a payment.

Not all dealerships report your payments to the credit bureaus, so these loans may not help improve your score. Still, they can be a last-resort option if others fall through.

What to know before applying for bad credit car loans

Lenders look at several factors to decide if they will approve you. These include your income, job history, debt-to-income ratio, and, of course, your credit score.

Why is your credit score important? Because it influences everything from your down payment requirement to the loan approval itself. Simply put, it directly impacts the interest rates, fees, and terms you’ll receive from lenders.

Consider credit score factors

Your credit score reflects how well you manage borrowing and repaying money. A higher score tells lenders that you are likely to repay, while a lower score says you are a high-risk borrower.

The majority of lenders use FICO credit scores. These scores are calculated using the following five factors:

Payment history (35%): Paying your bills on time every month is the best thing you can do to improve your score.

Credit utilization (30%): Spend no more than 30% of your credit limit. Low usage shows you do not rely too much on borrowing. It also indicates you can afford to pay your bills.

Length of credit history (15%): Lenders like borrowers with a long credit history. It gives them more information to consider. All you can do here is wait.

Credit mix (10%): Your mix refers to the types of accounts you have – cards and loans. Lenders prefer you to have both, but it’s a minor factor. Do not take on debt you cannot afford.

New inquiries (10%): When you apply for a new credit account, the lender will do a hard inquiry. This will lower your score by a few points for a short time.

Credit score	Average new car APR	Average used car APR
Super prime (781-850)	4.77%	7.67%
Prime (661-780)	6.40%	9.95%
Near prime (601-660)	9.59%	14.46%
Subprime (501-600)	13.08%	19.38%
Deep subprime (300-500)	15.75%	21.81%

Data from Experian’s State of the Automotive Finance Market Q4 2024

Monitor your credit

Before you buy a car, work on your credit score. You can improve your score fast by paying down outstanding balances, reporting past rent and utility payments, or becoming an authorized user on someone else’s card.

Then, keep track of your score. If you see it drop, figure out what happened.

Building credit takes time, but you’ll save money in the long run.

Want to boost your score?

Find out how to fix bad credit!

How to get a car with bad credit and no cosigner

Securing a car loan without a cosigner is entirely possible. Start by choosing a less expensive vehicle. Then save for a larger down payment. The less you have to borrow, the lower risk you pose to a lender.

Pay down your debt to have a lower debt-to-income ratio (DTI). A DTI under 35% indicates that you can afford the loan.

Next, look for lenders that specialize in subprime financing. Prequalify with multiple lenders and compare offers to get the best deal. Look at the interest rate, fees, repayment term, and monthly payments. Apply for the cheapest loan you can afford.

Leasing is another option. Learning how to lease a car with bad credit and no cosigner can help you get a vehicle without taking out a loan. Leasing companies typically require a good score. You may be approved with a larger upfront payment or proof of steady income.

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Refinance car loans for bad credit

If you’re stuck with a high-interest auto loan, refinancing a car loan for bad credit could be a smart move. Refinancing can lower your monthly payments, reduce your interest rate, or extend your loan term.

Start by checking your score to see if it’s improved since you got your original loan. Even a slight improvement can help you qualify for better terms. Some lenders specialize in refinancing for people with poor scores, so shop around and compare offers.

Keep in mind that refinancing may come with fees. Extending your loan term could mean paying more interest over time. Still, refinancing is worth considering if you need room in your monthly budget or want to switch lenders.

Borrowers with bad credit who refinanced their car loans through the LendingTree marketplace in 2024 received an average APR of 15.51%. To get a lower rate, you must wait until your score has improved to refinance.

Can you finance a car with no credit?

It is possible to finance a car with no credit history, but you will face hurdles. Look for lenders that offer online car loans for bad credit and no credit borrowers. These lenders will place less emphasis on your score and more on your income and ability to repay. Some lenders work specifically with first-time buyers or those with limited credit profiles.

Can you buy a car with a credit card? Buying a car on credit and skipping the auto loan can be tempting when you have a poor score. While possible in theory, it’s usually not the best choice. Having no credit history will also make it tough.

Frequently asked questions

1. What is bad credit for car loans?

Many auto lenders consider scores below 600 as bad credit. You may still qualify for a loan, but the terms will be less favorable.

2. Can I get a car loan with a 500 credit score?

Getting a car loan with a 500 credit score is possible, though your options will be limited. You’ll likely face higher interest rates and may need a larger down payment or a cosigner to qualify. Some lenders and dealerships offer financing specifically for borrowers with low scores. Shop around to find the best deal available.

3. How much does a cosigner help on auto loans?

A cosigner with good credit can significantly increase your chances of approval. They are responsible for paying if you default, and so lower the risk for the lender. You are more likely to qualify for a loan with better terms, a lower interest rate, and a larger amount.

4. Which FICO® score is used for auto loans?

Most auto lenders use the FICO® Auto Score. The score ranges from 250 to 900 and weighs your auto loan and installment debt history more heavily than general scores. It helps lenders better predict how likely you are to repay a car loan based on your past behavior with similar loans.

5. Where can I get a car with bad credit and no money down?

You may be able to get a car from a “buy here, pay here” dealership. Buying a vehicle this way is usually expensive and should be a last resort. Look into online lenders and credit unions that work with bad credit borrowers. These loans often come with higher interest rates when you don’t put money down, so comparing offers is essential.

6. How soon can you refinance a car loan with bad credit?

You can typically refinance a car loan as soon as three to six months after purchase. With bad credit, it’s imperative that you’ve made on-time payments on your loan and your vehicle has retained enough value. Look for lenders who specialize in bad credit auto refinancing.

Bottom line

Getting a car loan with bad credit may be challenging, but it’s possible. Find a cosigner with good credit. Save up for a larger down payment. Or select a less expensive vehicle.

Take the time to prequalify with multiple lenders. Prequalifying lets you view loan options without impacting your score. Compare interest rates, terms, amounts, and fees carefully. Then, apply for the best financing option.

If you’re not in a rush, it can pay to wait and improve your score. Pay down current debts. Correct errors on your credit report. Pay your bills on time. Little by little, your score will increase, and you can access better loans.

With a bit of preparation and patience, you can secure an auto loan even with less-than-perfect credit.

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Rachel Alulis

Rachel Alulis has been the lead editor for Moneyfor's credit cards team since 2015 and for the financial rewards team since 2023. Before joining Moneyfor, Rachel worked at USA Today and the Des Moines Register. She then established a successful freelance writing and editing business specializing in personal finance. Rachel holds a bachelor's degree in journalism and an MBA.

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How to Get a Car Loan With Bad Credit

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