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Poor Credit Auto Loans

We are dedicated to getting you the most car for the money and stay within your budget. It really is that simple. You'll not only be driving a better vehicle, you'll be working to rebuild your credit for future purchases. As your credit score goes up, your rates will go down. We've made our poor credit car loan application simple, quick and easy to understand. You can apply and buy a car with bad credit all in the same day. Many of our customers with poor credit are driving a new vehicle within 48 hours of applying.

Bad Credit Car Loan Payment Example

Paying 12 or 15 percent interest for a bad credit auto loan may sound outrageous, but if you look at it as part of your daily life, and not as an amortized amount, it's very manageable. At 18 percent, your payments would increase $1.00 to $1.43 more per day. Most auto financing with bad credit terms fall into the $7,000 to $10,000 range, with that in mind, here's what it would approximately cost to buy cars under $10,000 in your area:

Three-year, $7,000 loan
Interest Rate Payment Amount Payments Made Total Paid
Difference ($1,096.92) divided by days (3 X 365 = 1095) Equals $1.00 per day. ($1.001753424658 to be exact).
9% $222.60 36 $8,013.60
18% $253.07 36 $9119.52
Three-year, $10,000 loan
Interest Rate Payment Amount Payments Made Total Paid
Difference ($1,567.08) divided by days (3 X 365 = 1095) Equals $1.43 per day.
9% $317.99 36 $11,447.64
18% $361.52 36 $13,014.72

In round numbers, if your score is above 700, expect to pay around 7 percent. If you are in the 600s, you'll pay between 7.5 to 10.5 percent. If it's in the 500s, expect to pay 15 percent; below 500, you'll see rates at 18 to 20 percent.

Can You Tell Me My Rate Over The Phone?
It's not that easy. Your interest rate will depend upon:

  • Whether you are buying a new or used car
  • The length of the vehicle loan
  • The amount of the down-payment.

The Rules of Bad Credit Vehicle Financing

To qualify for an auto loan with bad credit through our network, you will need at least $1,600 in gross monthly income, and be a U.S. resident at least 18 years old

  1. Rule No. 1 -- do not go car shopping until you know your credit score. Get your free credit report.
  2. Rule No. 2 -- if you've been denied and you're just applying randomly, stop immediately. Every time your credit is pulled -- and denied -- you just wind up lowering your score even more.

Find out when the best time to buy a car in your area.