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How do I get a car loan without a cosigner?

I want to finance a car, but my credit score isn't great—I had a couple rough months last year, and I'm still working on rebuilding it. Unfortunately, though, I also don't have anyone who would be a good cosigner. Is there any way I can get a car loan without one?

avatar
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
I’m sorry about your rough times—you’re definitely not alone there. I do have some good news: although not every lender will offer you a
car loan
with bad credit and no cosigner, you can still find willing lenders if you know where to look!
Some of the best places to search include:
  • A local bank or credit union, especially if you’ve established a good rapport
  • Buy here pay here
    dealerships
  • Online lenders or car loan aggregators
These lenders will typically consider other factors than credit history when determining your qualification status. A steady income stream and a low debt-to-income ratio can also improve your chances of approval, even without a cosigner.
Keep in mind that these loans often come have a higher interest rate that can quickly put you
upside down
on a car loan.
To save money, use this loan to build your credit and pay off any other debt. After a year or so, try refinancing the car—getting a better deal on a loan can save you hundreds or even thousands of dollars!
You also need to factor car insurance into your budget, as lenders will require you to carry full coverage on any financed vehicle as part of the stipulations of your loan. To do this easily, check out the
Jerry
app—we’ll get you dozens of personalized quotes in a matter of minutes, so that all you need to do is choose the plan you prefer!
Best of luck with the loan—you’ve got this!
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