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Hi am looking to get financed but i have really bad credit in the lower lower end of the 500 range. i will be paying cash for half the car and hopefully getting financed for the other half. does anyone know if it is possible, i understand my interest will be high if i can but i am willing to take that on i just wanna repair my credit. what are some good places to go through to get financed with the bad credit. i am looking into purchasing a new 2009 altima ….any suggestions?

4 Thoughts on how do you get financed for a auto loan with bad credit?
  1. Reply
    September 2, 2011 at 11:29 pm

    you might need a cosigner.

  2. Reply
    September 2, 2011 at 11:45 pm

    Bad credit means you are not a good risk for a loan. It today’s credit market it is almost impossible to get financing if you have bad credit.

    Take your 50% down and buy a late model used car instead for cash.

    Repair your credit by getting a secured credit card from your bank.

  3. Reply
    September 3, 2011 at 12:08 am

    buy a used car for cash would be the best idea. however if you really want a car loan buy a used car that you could pay off in cash from a new car dealer with a loan then make six monthly payments a nd pay off the balance. this will raise your score. and not leave you in debt for years. in the mean time begin settling with your old creditors for a reduced payoff if they will remove the item from your credit report.this will quickly repair your credit.

  4. Reply
    September 3, 2011 at 12:25 am

    There should be some lenders out there that will give you a loan if you going to put 50% down. The last thing you want to do is pay cash for a car right now. You need to rebuild your credit and paying cash wont help at all. You will pay higher rates for now but in the end it will be worth it to have your credit re-established.

    Best Regards,
    Mike, CEO

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