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Can I get a car loan without a cosigner and bad credit?
"Can I still get a car loan if I have bad credit and no cosigner? I have a credit score of just below 500 and I need an auto loan. However, my parents and my friends won't cosign for me."
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“There’s almost always a lender willing to work with you even if you have bad credit.
The trade-off is that your interest rate will probably be exorbitant. Realistically, your rate might be 15% to 20% or higher.
If you need to have a car, paying cash for a car is probably the better option, or paying a large
down payment
. You might find a better deal shopping for used cars
. If you have to take out a loan, the best idea is to build your credit and refinance as fast as possible. This will help you save tons of money.”
View full answer
- Gregory R.
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