Best way to get an auto loan with bad credit?

[Anonymous]

As the title states, I'm looking for a replacement car after my previous car was deemed as a total loss. I wasn't preparing to be back in the market for a car and let my credit score suffer while I was in unemployment a few months ago.

Now I wonder how can I get an auto loan for a used car $10,000 or cheaper with a credit score that's around 550 - 584.

I do have around $1,000 for a down payment if that helps.

[Anonymous]

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@Anonymous wrote:

As the title states, I'm looking for a replacement car after my previous car was deemed as a total loss. I wasn't preparing to be back in the market for a car and let my credit score suffer while I was in unemployment a few months ago.

Now I wonder how can I get an auto loan for a used car $10,000 or cheaper with a credit score that's around 550 - 584.

I do have around $1,000 for a down payment if that helps.

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There are many car dealers that deal with bad credit, check around your area to find one. You can also find many online loan sites that offer auto financing for bad credit. Consumer finance companies may finance you.

All of the above are bad deals, high interest, fees, etc. But if they are your only options instead of buying a cheap car for cash, then you will have to go that route. Just be careful of loan terms and try to rebuild your credit so you can refinance later. There is a lot of great rebuilding advice on the rebuilding forum.

[Dj4Money]

 Like I said I need to request a sticky...

 Best Rated -

 Auto Credit Express (Loans for both used and new cars)

 Capital One - Min score needed is 580 and it doesn't matter which one they pull all three

 Ford Credit - Min score 580

 Road Loans (Santander) - Min score low 500's

 Credit Acceptance - Used Cars only

 CPS - New and Used Cars

 Westlake Finacial - New and Used Cars, they also pre-approve

 All these work with a network of dealers. That isn't bad but that might limit your bargining power. Just because you have bad credit doesn't mean you should pay top dollar for 95% of the new cars on the market, if that's the route you choose and frankly with bad credit the last think you want is to high LTV and a car that has already deprecated greatly.

 You'll wait an affordable new car, under $20,000 ideally. Your $1,000 down is enough and you should be able to get some juice rebates as well since you already know you won't qualify for low interest finanacing.

 Westlake, Auto Credit Express (via another web portal) , Capital One and Road Loans will all re-fi other loans just not their own, so don't feel trapped. Once your scores get into the mid 600's, refi out of that bad rate.

[Anonymous]

Might want to check out a carmax type place also, if its close to you.