Quickly Finding Bad Credit Auto Loans

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Even with poor credit.

By

Contributing Writer

David Topham covers the automotive and auto finance industries as the Content Manager of Auto Credit Express who also contributes to CarsDirect. He was born and raised in Michigan and is a graduate of Michigan State University.


, Contributing Writer - December 28, 2017

Consumers with bad credit who need a car loan have to be aware that many dealerships and lenders don’t offer subprime financing.

Why is it Hard to Get Approved for a Bad Credit Car Loan?

Getting approved for a loan despite credit issues can be difficult because only a select number of lenders offer bad credit auto loans. These loans require careful processing and involve additional work, causing many loan companies to stay away from the space.

Lenders that do offer bad credit financing typically don't lend directly, either. These lenders won't accept applications directly from car buyers, instead choosing to work indirectly through car dealerships.

Consumers seeking bad credit financing generally have to go to a car dealership that works with subprime lenders.

How Do I Find a Dealership That Can Work with Bad Credit?

Finding a special finance car dealership can be a tricky task. The ones signed up with the proper lenders may not advertise their special finance efforts. Conversely, dealers who enthusiastically advertise their bad credit loans are often buy here pay here lots.

Buy here pay here dealerships offer bad credit financing, but don't use third-party lenders. This means a borrower's loan and positive payments often go unreported to the credit bureaus and, as a result, won't help improve their credit situation.

An alternative is contacting multiple local dealerships until a borrower finds one that offers special financing. This can be a time consuming and frustrating process, especially if a consumer receives multiple denials. Not to mention that if shopping around isn’t done in a short period of time, the borrower could be left with multiple hard inquiries on their credit reports.

CarsDirect offers a faster and easier alternative.

How We Can Help You Find a Car Loan

CarsDirect has been helping consumers find auto financing for close to 20 years now. We've teamed up with special finance dealerships across the country. When consumers use our service, we help them get connected to one of these dealers near them, taking the hassle out of trying to find one.

Our service is free of cost and obligation, and you can begin the process from the comfort of your home. All you need to do is submit our secure car loan request form online. It only takes a few minutes of your time, and we'll get to work on connecting you with a local dealership after you complete the form.

Need a Car Loan?

It only takes a minute.

, Contributing Writer

David Topham covers the automotive and auto finance industries as the Content Manager of Auto Credit Express who also contributes to CarsDirect. He was born and raised in Michigan and is a graduate of Michigan State University.


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