![]() Credit unions : Most credit unions offer low rates on auto loans, but you’ll likely need to be a member to qualify.You may want to avoid “buy here, pay here” dealerships that market to bad-credit borrowers since they tend to charge high interest rates. If not, they’ll guide you through dealer-arranged financing to get a loan from another institution. Car dealerships : Car dealers typically offer their own auto financing options.However, some banks only provide loans through dealers. Banks : Some banks don’t have minimum credit score requirements and may be more willing to lend to someone with poor credit.Here are the types of lenders to consider when looking for a bad credit auto loan: Many financial institutions will work with customers whose credit is on the lower end, but it may take longer to find the right fit. While researching bad credit auto loans, we found a few providers that don’t have a minimum credit score requirement.Įven if you have bad credit, there are still ways to find an auto loan. However, iLending only offers refinance loans, so if you’re looking for a new or used car loan, you’ll need to search elsewhere. The company’s minimum credit score is 560, which is one of the lowest in our review of bad-credit lenders. Working with a large network of banks and credit unions, iLending helps customers find the best rates for auto refinancing. Because Autopay’s minimum credit score is 575 and its minimum loan amount is only $2,500, the company is a good choice for finding a bad credit auto loan. The company has a wide variety of loan products and is available throughout the country. Much like with myAutoloan, you provide your information to compare loan offers side by side. Starting APR : 2.99% for new and used vehicles, refinancing, and lease buyouts and undisclosed for cash-out refinancingĪutopay is another online lending marketplace. If you need a smaller loan, you’ll have to consider another company. ![]() Though myAutoloan’s minimum credit score is 575, it’s important to note that the company has an $8,000 purchase and lease-buyout minimum and a $5,000 refinance minimum. Once you provide information about yourself and the vehicle you want to buy or refinance, myAutoloan quickly gathers up to four offers from providers, allowing you to easily comparison shop. The online marketplace, myAutoloan lets you compare multiple loan offers at once. Loan amounts : $8,000 minimum for purchase, private-party and lease-buyout loans and $5,000 minimum for refinancingĪvailability : 48 states (not available in Alaska or Hawaii) Starting annual percentage rate (APR)* : 4.75% for new vehicles, 4.99% for used vehicles, 4.49% for refinancing or lease buyouts, and 5.99% for private-party loans We suggest comparing loan offers from a few lenders to find the loan terms that best suit your needs.īelow, we’ll give information on the three providers that earned the highest overall scores in our review of the best bad credit auto loan lenders: myAutoloan, Autopay and iLending. They’re listed in order of lowest minimum credit score requirement to highest. The table below shows 10 of the best providers that offer bad credit auto loans. However, hard inquiries done for the same type of credit within a short time frame (45 days for FICO Ⓡ scoring models and 14 days for VantageScore) are treated as a single inquiry. If your credit score is already low, you should only get preapproved if you plan to commit to a lender and a loan. Other lenders may offer preapproval, which can give you a more firm idea of your possible loan options and monthly payment because it requires a hard credit check. ![]() The lender will do a soft credit check for this, which won’t affect your credit score. Prequalification gives you an idea of the rate and monthly payment you might get, but it’s not a loan offer. To start the bad credit auto loan process with one of these lenders, you may have to prequalify. ![]() ![]() A number of lenders work with customers who have poor credit history. ![]()
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