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How can I get a BMW with bad credit?

I’ve always wanted a BMW ever since I was young, and now I finally have a solid chunk of cash—I’ll need to take out a loan, but I think it’s enough. The only problem is that my credit score isn’t great; I made some poor financial decisions a few years ago, and I’m still getting my score back to where it once was. Is there any way that I can get a BMW with a bad credit score?

avatar
Ben Guess · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Congratulations on saving up enough for your dream car, and for working to dig your way out of a rough financial spot; that’s never easy. A
less-than-great credit score
might make it harder for you to be approved for your loan, but it’s still possible.
Here are the best ways to get a BMW with bad credit:
  • Make sure your finances are in order. If you’re in a tough credit situation, it can help to make sure that any other debt you had is paid off as much as possible.
  • Make a large down payment. Making a larger
    down payment
    can help reassure your lender that you’re able to make payments on the loan and can help you lower your monthly payments over the length of the loan, too.
  • Find a cosigner. If your credit isn’t great, having someone with good credit
    cosign the loan
    can be a big boost in confidence for lenders. They will be responsible for the payments if, for any reason, you become unable to pay, meaning that your lender will have extra reassurance that their loan will be repaid no matter what.
  • Apply for preapproval. Applying for preapproval, which will automatically lock you into the loan if your application is accepted, is another good way to get approval without good credit. Applying for preapproval shows lenders that you’re serious about getting a loan, which can sometimes make up for a not-so-great credit score with the right lender.
It’s worth keeping in mind, though, that a lower credit score might also land you with a higher interest rate. If you want to save money in other areas to make sure that you never miss a loan payment, you may want to review your car insurance policy.
To do this easily, check out the
Jerry
app. Just download the app, fill out some information about yourself and your vehicle, and we’ll get you personalized quotes from top-of-the-line providers in seconds. That way, all you need to do is pick the plan that works best for you—and once you pick one, we’ll even help you switch. Not only is it easy to use, but the Jerry app also saves the average user $879 a year on car insurance.
Best of luck with the loan, and with the dream car!
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Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.

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