If you're in the market for a new or used car you'll probably have to finance it. Getting a good car loan with bad credit can be a challenge. The trick is to find someone who will help you with financing.
The first place to look and listen is ads in the newspaper and on the radio. Some car dealers advertise that they will give car loans to anyone with bad credit, no exceptions. Sounds like a sure shot, but you have to shop around a bit to find a deal; you can expect to pay more if you have bad credit no matter what, but some dealers will try to take you to the cleaners.
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Once you've found the best deal on your loan, you'll probably still find that you're paying more interest than you want. This is an unfortunate part of the credit-repair process.
This higher interest rate will cost you more in the long run as well as right now, possibly as much as a few thousand extra dollars. You can also expect to be hounded if you're a day late on your payment, then charged a hefty late fee. Having bad credit stinks.
There is a bright side, however. As you meet these higher-than-they-should-be monthly payments for the term of your loan, you're not only moving toward full ownership of your car, but you're repairing your credit score. This will make future purchases less expensive.
Quick tip: You may be able to refinance your car loan after a year or two to get a better interest rate. This starts with faithfully making your too-high payments on time, along with all the rest of your bills. You can do it though, and it's definitely worth it. A car loan bad credit is not easy to get but it definitely can be done so don't give up.
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