A Comprehensive Guide to Financing a Car with Bad Credit: How to Get an Auto Loan with Bad Credit

How to Get an Auto Loan with Bad Credit Owning a car is a necessity for many, but a low credit score can feel like a roadblock. The reality is, bad credit doesn't have to be a dead end for your car-buying journey. While it may require more research and a different approach, securing an auto loan with a less-than-perfect credit history is entirely possible. This guide will walk you through the essential steps, from understanding your situation to driving off the lot with a manageable loan. First, a Reality Check: What is "Bad Credit" for a Car Loan? Lenders categorize credit scores into tiers. While the exact numbers can vary, a score below 660 is generally considered "subprime" or "nonprime." The lowest tier, "deep subprime," typically includes scores below 500 . It's crucial to understand that lenders see these scores as a higher risk. In exchange for taking on that risk, they will offer loans with higher interest rates and potential...