I have a crdit score of under 550. Can I still get a car loan?

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I have a down payment of about $1000. Know of anyone who will fiance me?

I have a crdit score of under 550. Can I still get a car loan?

You can get bad credit car loan as either secured or unsecured. Secured bad credit car loan comes with the threefold benefit of low interest rate and increased repayment term and huge principal. But this type of loan requires you to offer your property as collateral. Your home is at risk if you fail to pay the monthly installment. But this is not permanent and holds true only if you miss or delay your repayment.

This type of risk is absent in an unsecured bad credit car loan. However, if you miss any payment, your lender can file a legal case against you. As you do not offer any collateral, you have to pay higher rate of interest.

When you compare both the types of bad credit car loans, the secured bad credit car loan is more flexible as regards the terms and conditions. The unsecured is more rigid. Hence if you are certain about making regular payments, secured option is the best.

I have a crdit score of under 550. Can I still get a car loan?

The dealerships are your best bet. They will charge you high interest though, that is pretty bad credit, but they generally work something out.

I have a crdit score of under 550. Can I still get a car loan?

Keep saving. Put $1500 down.Buy a car for $3500. Pay it off in less than a year. Your score will go up. Then you can use the piece of crap you bought at 3500 to get a newer car.

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I have a crdit score of under 550. Can I still get a car loan?

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