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"What are my options for getting a car loan if I have been denied multiple times based on my credit history? "
"I was really bad with money when I was in college and now I have a poor credit score. My car is on its last legs and I need to finance a new one.
I have about $10,000 saved. What are some other loan options that might possibly work?
"
Johnny Puckett · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“You could try to apply for less money and submit a bigger down payment. Sometimes that works when you have bad credit. However, your interest rate will likely be really high.
$10,000 can buy you a really nice car, and you can usually find some pretty reliable cars for around $5,000.
Instead of getting a
loan
, have you considered paying cash to buy a cheaper car outright? If you do this, you can save a significant amount of money since you won’t be charged interest.“
View full answer
- Gregory R.
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