You really need a car. Badly. The old heap you drove through high school and community college has just died (for real this time) and you need a new one. You would love to invest in a new car with a great resale value, but you need a car loan. Easy, right? Not so much. The problem is, you've got bad credit. How are you ever going to get a car loan with reasonable rates with your terrible credit?
You've heard the horror stories; Young person just out of college manages to get a car loan only to be drowned by horrific interest rates. You don't want to be that person. You could find yourself indebted for years and your credit will just get worse and worse. So how can you get a car loan with your bad credit?
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Here's the bad news: Bad credit will definitely make your car loan process much, much harder than it needs to be. It's an inevitable fact, and you must get ready to face it and overcome it. Your bad credit is basically a red flag to any potential lenders. Think about it; If you had a friend who was known for never paying anyone back, would you want to loan her $27,000? Probably not. It's the same mentality for creditors. In giving a person with bad credit a large loan like a car loan, they are taking a huge risk. If you are unable to pay your bills, they will either lose money and a customer from your bankruptcy or have to spend money seeking full compensation for the bill.
The good news: It's not impossible to get a car loan with bad credit. One of the most common and widely accepted ways is to use a co-signer, which is exactly what it sounds like. Instead of signing your loan as a sole borrower, you will be signing it with a credit-worthy relative or friend. You and your co-signer would both do well to keep in mind, however, that once an agreement has been co-signed, your co-signer is equally responsible for repayment of the loan if you are unable to do it yourself. If you and your co-signer are sure that you will be able to make your payments, then go for it. There's almost no better way to get a car loan than when you use a co-signer.
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