How to Get a Car Loan With Bad Credit

Video Transcript

"You need a car and have bad credit. Hi, I'm Carrie Kukuda the Someday Coach. I'm going to tell you how to get a car loan with bad credit. First off you have to check your credit report. You need to make sure that you get your credit score as well so that you know that you can even apply for a loan. With this day and age with the current market, you're going to need at least a 600 credit score to be able to apply for a car loan. If you're above that, they will consider you but some of the things that they will keep in mind is that whether you have a job and how long you've had that job as well as if you're now running into a bankruptcy or presently in one. So those are some things that they're going to be looking for when you got to apply. Some other things that you want to consider is if you are above that and you know there's a chance of consideration for this auto loan. You want to be shopping around. Credit unions are great asset for a great interest rate so you might want to check with them as well as the bank that you presently use because they already know your credit management. But you can shop around, check out the fees and get pre-approved before you go to that dealership because if you get it at the dealership, the dealership does make money off of it and it might be most costly to you. So you just go out and find out what those rates are and then when you go to them, even if they have the better deal, then go with them. I'm not saying don't use your car dealer, just be educated before you get in the door. My name again is Carrie, thank you."