How to Finance Your Next Car With No Money Down and Bad Credit


Financing a car usually requires a substantial down payment - sometimes as much as twenty percent of the total purchase price of the car. Most people do not have the means to come up with such a significant amount of money at one time, and may even have bad credit. There are lenders, however, who specialize in bad credit car loan financing - and can put you behind the wheel of your car now.

Lenders Who Want Your Business

Bad credit borrowers of automobile loans are typically rejected by many lending institutions and credit unions. But there is a growing number of lenders who have decided to specialize in bad credit automobile financing because these lenders recognize that any car loan has collateral attached to it - the car itself. This means that your bad credit automobile loan servicer can place a lien against your car until its paid for, which in a sense, guarantees their payment or return of the car. These lenders know they cannot lose by loaning you money to buy your next car, regardless of your credit.

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Two Types Of Bad Credit Auto Loans

Your bad credit automobile loan can be either secured or unsecured. The secured bad credit automobile loan is secured by a lien that you allow the lender to place on an item of value - such as your home. The lien will be released once you have repaid the lender in full. The unsecured bad credit automobile loan has no collateral associated with it, and is a bit harder to get. The lender is relying on your personal credibility to be repaid. In either instance, the lender will become a lien holder on the car title, and the lien will not be removed until you have completely paid the car or other vehicle off.

When dealing with your bad credit auto loan servicer, never agree to make a monthly payment amount that you cannot reasonably afford. This will only result in late payments and worsening your credit score. Be honest with your lender and let them know other financial commitments that you have - they will work with you to come up with terms that suit your budget.

These lenders specialize in helping borrowers just like you. Once you are paying on your bad credit automobile loan, be certain to inform the lender if something comes up and you are going to be late with a payment. Oftentimes, lenders will work with you to keep the loan current by putting the payment at the end of the term of repayment. This will cost extra interest, but will keep you from doing more damage to your credit.

Online Lenders Are Seeking You

You can find greatly reduced interest rates on bad credit automobile loans online via the Internet. There are many lenders doing business with bad credit borrowers online, so there is an increased level of competition that you can benefit from. The fact is that some of these lenders are actively seeking borrowers just like you!


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