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The Drive to Succeed

You need a car or truck. Soon. Maybe Now. You can’t pay for it with cash because you simply don’t have that kind of money saved up but your credit isn’t very good and you’re not sure what you’re going to do.

The situation is not ideal, to be sure. But things aren’t hopeless, either. It may not be easy to get a car with bad credit, but it’s not as difficult as it might seem. Most of us can qualify for any number of the many used car loans for bad credit available out there. The trick is finding the best one for your circumstances – and for what you want your circumstances to be a year from now, five years from now, and beyond that.

Don’t panic. And don’t take the first offer you get from some local poor credit car finance dealer next to that gas station with the bars on the window and the big “quickie cash payday loans” sign hand-painted on the glass. Your circumstances may be challenging, but you’re still in control of where you go from here. We all have a credit history and a three-digit credit score which lenders can conjure on demand, and they matter. They impact what we can borrow and the terms on which we can borrow it. They’re important.

But you are not your credit score. You’re more than that, and you can do better than whatever it shows on that report and whatever is reflected in those three digits. Buying a car with bad credit can be more than a desperation move to get you through the moment; it can be the first step towards rebuilding your credit and taking more effective control of your finances – and through them, your future.

Choosing Your Vehicle

If you’re shopping for a vehicle you know you’ll have to finance and you have a shaky credit history, you’re probably looking for a reliable used car or truck that will get you where you need to go. It’s fine to have your own preferences or certain features you prioritize, but you may have to dial back on some of your expectations regarding the bells and whistles and focus on the essentials. Is it safe? Is it reliable? Will it meet your immediate needs and the needs of your family or loved ones for the foreseeable future?

It never hurts to shop at the major dealerships as part of the process. They take in all sorts of vehicles on trade, and many dealers will fix them up and offer some sort of basic used vehicle warranty which covers the basics for a few years after you drive it away. You will, however, pay more for such assurances. Used car or truck options from those big lots may still cost far less than new, but you’re unlikely to find the sort of bargain basement pricing you may be looking for. If you can afford a better used vehicle, however, it’s certainly worth looking.

Smaller local dealers are likely to have a wider range of price points but a lower overall inventory. You see these lots tucked in along major business streets or springing up on unlikely corners just outside of town. Many are run by hard-working, more or less honest traders who happen to love autos and have a knack for buying cheap, fixing them up, and selling at a reasonable profit. Others may prove more questionable, some to the point of outright dishonesty. It’s a good idea to take any vehicle you’re seriously considering from such a dealer to your own mechanic for their evaluation before committing. Any salesperson unwilling to consider this probably has good reason, and you should walk away.

Finally, of course, are individuals selling their used car or truck for any number of reasons. Again, take any vehicle you’re considering to a mechanic you trust and realize that you have little recourse if you discover you’re unhappy with your decision a few days or weeks later. At the same time, the best deals you’re likely to find are often from random people needing to unload their used auto for whatever reason – maybe even at a price you won’t even need to finance.

Shopping For Your Loan

Having limited or poor credit does not automatically disqualify you from financing a new or used vehicle. You will, however, have to shop around a little more carefully and weigh your options. You will most likely be limited as to how much you can borrow and pay a higher interest rate than someone with stronger credit. There may be extra fees or requirements up front. That’s OK, because you’re not going to be in this situation every time.

Traditional institutions like banks and credit unions often shy away from bad credit auto loans – but not always. The only way to find out what your local bank or credit union is willing to do for you is to ask. Make sure you bring documentation of your current income and employment status, along with anything else making you a better credit risk than the numbers may suggest. If your credit score doesn’t vouch for you, you need to have something else to suggest that things are moving the right direction and you’re both willing and able to reliably make those payments on time, every time.

You may have relatives or even close friends willing to loan you the money for a used car or truck. Such loans generally have the advantage of very generous terms (Uncle Larry may not charge you interest at all, or if he does, it probably beats the going rate) and perhaps flexible conditions. On the other hand, mixing business with personal relationships is always risky, and you should take special care not to threaten important relationships by letting money become a source of tension between you.

Online lending has become an increasingly popular option in recent years. The number of online lenders willing to offer competitive rates and a convenient application process has exploded this past decade, along with the number of satisfied customers – many from circumstances just much like yours. Loanry doesn’t offer loans. Instead, we connect you with the lender we think best matches your situation and your needs. They make you their best offer, and what you do with it is entirely up to you.

Loanry® is here to help you get your new car even with bad credit

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Why Loanry?

You should never be embarrassed to seek financing or to be upfront about your credit history or financial situation. Legitimate lenders will find out most of it anyway, and many will appreciate your honesty and clarity. Many shoppers find it easier, however, to manage such things online, without having to take time off work, dress up nicely, and hope against hope they’ll be able to meet with a sympathetic loan officer or other official who’ll understand their situation and be willing to work with them.

With Loanry, you can compare rates and terms using our online loan calculators before you even apply, or educate yourself about things like fixed-rate interest vs. adjustable rate interest or what actually shows up on a credit report. Borrowers hesitant to admit what they do and don’t know need not worry; it’s all online and as private as you want it to be. And you don’t have to miss work to do any of it. We’re here when you’re ready. Proceed at your pace on your schedule according to your priorities – it’s not a problem.

When you are ready for assistance or recommendations, we try to respond promptly. Online lenders sometimes have you approved and money in your account within 24 hours or so. Working your way out of bad credit is never easy, but it doesn’t have to be as hard is it may seem. You’re not alone.

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Obviously the first goal of small car loans for bad credit is to get a working vehicle as soon as possible. Whatever your precise circumstances, most of us need an automobile to get to work, to run essential errands, or to get the kids to school or their various activities. It’s difficult to go to the doctor, shop for clothing or school supplies, or otherwise fulfill the typical expectations of a partner or parent without reliable transportation. In some areas, public transportation is an option. In others, you’re left with bumming a ride off friends or co-workers or paying a service to come pick you up – and who can afford that?

So in many ways, the primary financial goal of a used vehicle loan is to be able to make money and spend it efficiently. And there’s nothing wrong with that.

Any loan, however, is an opportunity and a risk. It’s an opportunity to make your payments consistently, every time on time. Every payment potentially strengthens your credit history and helps raise your credit score. It’s a risk because missing those payments hurts your credit history and further lowers that credit score. If they were just words and numbers, it might not matter, but they’re not. They’re the measuring sticks by which you’ll be evaluated the next time you want to borrow money – for a vehicle, for a home, for a wedding, for medical bills, for travel, or for anything else.

It may not seem like one late payment or a few months of meeting your obligations make that much difference in the bigger picture, but they add up more quickly than you realize – much like debt or savings themselves. Every choice matters, and the best time to start making better ones is today.

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If you’ve had rocky financial times recently, you may find yourself confronted with all sorts of advice you’re not sure how to interpret. For example, many clients tell us they’ve been told they should be looking at subprime auto loans instead of expecting service from more conventional lenders, but they’re not sure what that even means. Others sit at home Googling “refinance auto loan with poor credit” or some variation thereof and are met with five ads and another twenty offers without ever understanding exactly what they’re being asked to sign up for.

At Loanry, and across the Goalry.com family, we’re trying to simplify personal and small business finance. Our philosophy is that while we certainly hope you’ll come to us when you’re ready to connect to reputable online lenders, it’s even better if we can help you take better control of your larger financial life. What should you be thinking about now in preparation for tax season? Can people with your income successfully invest in the stock market or similar alternatives? What sorts of things should you expect if you’re considering a home equity loan, and what terminology should you know in advance?

We have over a thousand informational posts and hundreds of practical finance videos with more added every week. We believe in keeping things honest and in plain, simple English. It may be idealistic, but it’s a foundational idea for our family of financial sites – what we like to think of as a “content mall” here for your reference or use anytime, from anywhere, for whatever you decide you most need.

(Oh, and in case you weren’t sure – “subprime loans” are those charging high interest rates because the borrower is considered a substantial credit risk. That may not be you, but even if it is, you have every right to shop around and compare and to be treated as a valuable customer. Always.)

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Did You Hear?

“See, when you drive home today, you've got a big windshield on the front of your car. And you've got a little bitty rearview mirror. And the reason the windshield is so large and the rearview mirror is so small is because what's happened in your past is not nearly as important as what's in your future.

Joel Osteen (American Pastor & Best-Selling Author)

Educate Yourself

A car can be a necessity for a job and more.

Don't let bad credit keep you off the road.

Debt can be a prison or an opportunity to strengthen future possibilities. Taking on a loan even if money is tight or your credit is shaky can be a daunting process – especially if we’re not sure what to expect.

Let us take you through some of the things you may encounter and some of the issues you might be considering in advance of taking this important step. It’s not just about getting the right loan, it’s about choosing the right vehicle, finding the right dealer, and even searching out the best lender along the way.

We’re not here to tell you what to do, and you’ve probably thought about several important possibilities already – although it never hurts to run through the list again. More importantly, there may be a few you haven’t thought of. We’re good at that.

Explained in 3 easy steps

How all of
this works?

It all starts with a simple loan request that takes a few minutes to complete.

We provide that information, at your request, to participating members who might be able to able to assist you with your financial needs. Many lenders transfer funds to your checking account as soon as the next business day.

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Step 1

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Tell us things like who you are and how much money you need.It only takes minutes.

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The Loanry® Store may help you find a lender interested in your loan request.

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Step 3

Check out

Funds are deposited directly to your bank account as soon as the next business day.

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Pros and Cons of Auto Loans For Bad Credit

A bad credit auto loan can be useful when you need a car for any number of situations. Whether you need it to get to a job, pick up the kids or head to the store, bad credit car loans can help.

Pros: Based on the Present, NOT the Past

Bad Credit Auto Loans tend to focus more on your ability to repay and your current financial circumstances rather than your past difficulties.

Pros: Improve Your Credit

Whatever your credit score today, it can be stronger after successful repayment of this or any other loan. Your credit history is always changing based on what you do now and going forward – you’re never stuck completely in the past.

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Pros: Better Vehicle Choices

Access to financing – even if it’s not unlimited – means a much wider range of options for you when choosing a vehicle. You’re not restricted to cars or trucks for which you can save up enough cash.

Cons: Higher Costs

Bad credit loans may limit how much you can borrow, charge additional processing fees up front, and almost always come with higher interest rates. You may decide you’d rather try a different approach if you’re not satisfied with the terms available to you.

Cons: Higher Risks

If you default on a bad credit loan, the chance of having your vehicle repossessed is higher than with traditional automobile financing. The lender doesn’t actually want your car or truck – they’d much rather you make the payments – so if you realize you may be late, contact them and attempt to work out other arrangements.

Cons: Higher Insurance

Most states require a minimal insurance policy in order to drive, but lenders often demand full coverage for the life of the loan in order to protect their investment. This may mean paying more for insurance coverage than you otherwise would and should be considered when you budget for automobile payments.

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Find answers to some of the most commonly asked questions here
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