bad credit

Shopping Around is Always a Good Idea
It doesn't matter if you have no credit or bad credit, shopping around for the best deal can save you thousands of dollars over the life of the loan. Just because you have a less-than-stellar credit score, don't assume that you have to accept a double-digit interest rate to get your car loan approved. Joining a credit union could be one avenue to a single-digit interest rate regardless of your credit score.

Check Your Credit Reports for Errors
It's always a good idea to check your credit reports before shopping for an auto loan. Your credit scores are based on the contents of your credit reports, and mistakes can be costly. The government requires credit reporting agencies to provide a free copy of each of your credit reports every year at the website annualcreditreport.com. If you find mistakes in your credit reports, you'll need to dispute the errors and allow enough time for the correction to be reflected in your credit score before applying for a car loan. You can get your credit score at no cost to you with LendingTree's free credit score.

Getting approved for a car loan without credit isn't as difficult as you would think. Investing time and care into your finances can get you approved without the double-digit interest rates that many car buyers with poor credit have come to accept.