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What is the quickest way to get a car loan if I have bad credit?
"My car just died and I need one to get to work. Unfortunately, funds are tight and I need to get a car loan even though I have a credit score of about 500.
What's the quickest way to get a car loan in my situation?"
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“You’ll find numerous lenders willing to give you a loan at a 20% interest rate with a credit score around 500.
Since you don’t have the funds for a down payment nor the ability to buy a car with cash, a loan might be your best bet.
However, you should know the results of your actions. You’re going to pay a ton of money on interest and you’re going to be
upside-down
on the vehicle for almost the entirety of the loan. If anything should happen to the vehicle, you might end up having to pay a loan with nothing to show for it. Furthermore, your chances of getting the car refinanced further down the road are slim.In your case, finding a cosigner with good credit is your best chance to get a decent interest rate. If not, find the cheapest car you can and pay off the loan as fast as you can.”
View full answer
- Gregory R.
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