Getting Poor Credit Auto Loans Without a Cosigner

Dealers and banks are not likely to offer a poor credit auto loan without a cosigner. A cosigner may be a parent or spouse who offers to makes payments on your behalf in case of default. if you have poor credit and you want an auto loan without a cosigner, get creative with your negotiations.

Get a Bigger Down Payment

Providing a big down payment is like paying multiple months up-front. If you don't have the money for a big down payment you may be able to secure a separate loan for this amount. Instead of seeking a large loan, you will be looking for two, smaller loans.

Use References

You may have poor credit from a divorce or bad financial habits as a student. Your current employer can provide a wage reference that shows your ability to pay at this point in your life.  When you prove you can make the payments, a lender is more wiling to extend a poor credit auto loan. Use character references if necessary. Good credit has to start somewhere; show your lender you are ready to turn the corner.


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