How can I get financing for a car loan with bad credit score?

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asked Jun 13 in Buying & Selling by icecreamray (280 points)
How can I get financing for a car loan with bad credit score?

1 Answer

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answered Jun 13 by Jasire (7,500 points)
Some car dealerships will work with people who have bad credit and will help to get them approved with some money put down on the used car.

To get a brand new car with a bad credit score will be a very hard thing to do but is possible if you have a cosigner sign the auto loan agreement with you.

The cosigner will need to have a good credit score of 620 or above to get you approved for the auto loan.

You can help to rebuild your credit score by taking out a secured credit card through capital one or other credit card companies.

With a secured credit card you put up a security deposit of around $200.00 which is refunded back to you after you use the credit card responsibly and make on time payments.

Over time the use of the secured credit card will help to boost your credit score and then you'll have a better chance at getting approved for a new car loan.

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