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Check your credit score.

Starting with bad credit will keep your interest rate high until your score drops. Credit scores are an important factor in financing and interest rates, and often determine whether a loan is approved or not. Explore the results and options before purchasing a car loan.

Increase the score.

There is no hard and fast minimum credit score for a car loan, but people with higher scores generally have better interest rates. According to industry sources, the average score for buying a used car is 665. If your score is below 660, try to improve it before applying for a car loan.

Correcting mistakes

Correcting errors on your driver’s credit report will significantly increase your credit score. Allow at least a month for the issue to be resolved, if possible, before taking out a car or loan. Various credit repair services and do-it-yourself strategies work to improve the credit rating of people who need auto loans.

Find out which one is cheaper.

Regardless of credit, borrowers need to know what they can buy before they start buying. Loan calculators are useful for determining what is cheaper; They estimate the total debt repayment including interest.

Offer a valuable payment.

For those with low scores and no time to restore credit, it is best to deposit more. The more important the payment, the less the borrower will have to pay in the long run. The size of the payment depends on your credit rating, the price of your car and the terms of the dealer. Typically, 10% of the cost of the car or $1000 is recommended.

Get a short-term loan

Long-term loans are considered riskier because the borrower has more time to default. Although monthly payments are higher for short-term loans, they are a viable solution for car buyers with bad credit. The Consumer Portfolio Services team specializes in helping low credit buyers find affordable car loans.

Find a low credit reseller.

Drivers with scores below 600 will need to go to a dealer that specializes in buyers who have at least some credit when they need a new car. These dealers are working hard to get loans approved, but interest rates may be high and terms may not be good.

Obtain pre-approval for financing.

Getting pre-approved for a kiwi car loan from a credit union or bank will prepare a borrower for the buying process. Pre-approval involves analyzing a person’s expenses, income, credit report and credit score to determine if they qualify for a loan. Submitting documents early and removing obstacles early can save time and frustration later.

Find a co-signer.

When a person has bad credit, they may need a co-signer on the loan. Some lenders don’t offer this option, so consider choosing a lender.


A person’s ability to get a car loan with bad credit depends on various factors. However, if you follow these tips, chances are you will get a loan at a reasonable interest rate.