Things You'll Need:
- Lender
- Down payment
- Collateral
- Co-signer
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Step 1
Find a lender. Not every lender offers loans to persons with a 483 credit score. You'll need to speak with several financial institutions or a loan broker and discuss your options. Submit a no-obligation loan request through a broker. Brokers have relationship with various lenders, and they can help you find the best rate and loan terms.
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Step 2
Apply with a down payment. Offering a 10 percent down payment can persuade a loan officer to approve your loan request. If possible, provide a larger down payment. This demonstrates effort and willingness of your part, and down payments put the lender's mind at ease.
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Step 3
Consider a secured loan. Buying an automobile with a 483 credit score is easier than applying for a personal loan. The automobile secures the loan, and the lender can repossess the property if you default. If applying for a personal loan, installment loan or debt consolidation loan with a low credit score, obtain a collateral-based or secured loan. You'll have to provide a piece of property as collateral. However, these loans are easier to acquire with a bad credit.
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Step 4
Ask someone to obtain the loan on your behalf. You can apply for a loan with a co-signer, or ask someone to obtain the loan for you. This is a risky arrangement for the co-signer as one mistake on your part can decrease the co-signer's good credit score.
