Having bad credit and needing a car loan is a bad place to be! When you have charge offs and collections – and perhaps even a repo, it’s a major uphill battle to convince a bank to give you a bad credit auto loan.

I’ve been there – I’ve been the guy at the car dealership dreading the moment they run my credit reports and see all the mistakes I made in the past with money.

(When my credit score was in the 500 range, just about all I could get approved for was a car like this one!)

If you’re desperate for a bad credit auto loan – meaning you have NO transportation and need to get to work/school, etc., it’s possible to get a bad credit auto loan.

You can get a car loan with bad credit. Obviously, you ‘ll pay an obnoxious amount of money for that car than you would if you didn’t have poor credit. A low credit score is going to prevent you from getting a good interest rate and you might even have to deal with some pretty shady lenders to obtain credit for the car.

If you’re not desperate for a new ride and can manage to wait 3-6 months, consider doing what I did and enroll in Lexington Law’s credit repair program. How long will it take to repair your credit? I can’t say, but they raised my score from 582 to 745 inside of four months. Get a FREE credit consultation with credit repair experts by calling 1-800-298-4297

Be realistic about buying a car with bad credit

Don’t want to hire credit lawyers? No problem: here’s the reality about getting a bad credit auto loan:

Not only can you expect to have a high interest rate on the car loan, you should also be prepared to purchase a lower priced car than what you want. Do not be surprised if the lender offers to loan you an amount that is less than you hoped for.

You might not be able to purchase the car you want – see the HOT ride above .

You’ll be forced to get the car you need – which means you won’t be impressing any ladies. Lower your expectations before you even walk into a car dealership.

Also, I suggest doing a little homework about dealerships before you visit them. Some dealerships specialize in offering auto loans for people with bad credit. They work with more flexible lenders than other car dealerships. (you can usually find these dealerships on the 3 am tv advertising spots)

There are a lot of financing options for consumers. Even though you don’t have much bargaining power, don’t make the mistake of taking the first loan you are offered. You have bad credit but you are not necessarily totally hopeless. Take the time to shop around and educate yourself.

Be prepared

If you have bad credit you should be prepared to have cash for a down payment on the vehicle. Be prepared for the lender to ask you for a larger down payment than you would expect. They would like to see that you are fully committed to the loan and a sizable down payment might satisfy that need. (Again, if you don’t have this type of cash, consider making a small investment in Lexington Law who can get you in shape to finance the entire purchase. Here’s the auto loan credit repair hotline: 1-800-298-4297.

When you visit the car dealership be ready to provide documentation to support your desire to get an auto loan. It is not a bad idea to bring two or three letters of reference. Ask friends, family members, coworkers or your employer to vouch for you. Also, you will probably have to bring documentation validating your employment and physical address.

Bring with you a recent pay stub, a copy of your lease or mortgage and a copy of a recent utility bill.

* We were so impressed with Lexington Law that we decided to become a sponsor and put up this website.

The good news about buying a car with bad credit

Although you might have a high interest rate on that car loan now, you might be able to refinance it in a year or two when your credit score has improved. Don’t just celebrate your new car and forget about your bad credit. Do the work necessary to fix your credit so you can get a better car loan rate in the future. And for heaven’s sake make your car payment on time! You will feel good about your purchase and your credit score will improve. Get a FREE credit consultation with credit repair experts by calling 1-800-298-4297