Are you looking for a guaranteed bad credit auto loan? Is there even such a thing? You actually can almost always get approved for auto financing and there are options to choose from that allow you to get a vehicle on credit even if you cannot get financed through a conventional lender. The first thing that you’ll want to do is check your credit. If your credit score is below 650 then you’ll likely have to consider bad credit auto financing. This will cost you a bit more in interest and you’ll have to do some work, but it is still possible to find a car loan.

You have likely seen auto loans for people with bad credit offered in the newspaper or on television and you may have wondered what it was all about. Well, a fact that not very many people know is that most car dealerships will finance some with bad credit if they make a substantial down payment. About fifty percent is what they are looking for if you have bad credit. If you can come up with a down payment that equals half the value of the car, then they don’t consider you as much of a risk since you have a sizable investment in continuing to pay for the vehicle.

If you have financed a car before and defaulted on the payment then you may have trouble with this method however. Even if the company advertises guaranteed bad credit auto loans they may balk if you have a history of not paying on vehicles. They may ask you to put down 75% of the car’s value simply to maintain their guarantee. However, if you don’t have the cash for either the half down or three quarters of the car down this can be a problem. There is another solution if you cannot get financed through a dealership or do not have that much cash to put down.

Another type of dealership that offers auto loans for bad credit is the buy here pay here car lots. These dealerships generally sell used cars and will finance you with a certain portion down. They may also want you to prove where you live and where you work as well as provide several different relatives with addresses and phone numbers so that they can track you down if you default on the car loan. They may also require weekly payments or payments that coincide with your payday and will likely repossess after just one missed payment.