How to get a Car Loan with Bad Credit?

You may be able to get a car loan with bad credit, but you’ll want to carefully weigh the costs.
If you need a car loan but have less-than-perfect credit, your financing terms may be expensive. Lenders use credit scores to estimate the likelihood you’ll pay back your loan — the lower your scores, the more risk they believe they’re taking on. In exchange for that risk, lenders will usually charge a higher interest rate.
For example, someone with subprime credit (which Experian defines as scores of 501 to 600) received an average rate of 11.33% for a new vehicle and 17.78% for a used one in the second quarter of 2020. By comparison, the average interest rate on a 60-month new-car loan was 5.14% during that same period, according to the Federal Reserve.

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