Buying a car today is nearly always not a big issue: if you can’t afford to pay the whole lump sum, getting financed from auto loans is the solution.
In order to qualify for a car loan, you need to submit your credit score to lenders: simply stated, many of them won’t accept your application if you have bad credit,
which is considered a FICO score anywhere below 669.
However, this does not mean that it is impossible to get a car loan with bad credit. Many lenders will allow you higher interest rates than if you were a "prime borrower" with a credit rating ranging from 620 to 850.
When you try to get a car loan with bad credit, there are two main possible scenarios:
1. You are not in a hurry to buy a car: In this case, you can take time for a set of measures aimed at increasing the credit score.
2. You urgently need to buy a car: In this contingency, there are strategies to get financing even with bad credit. Making adequate advance payment is one of them,
The purpose of a credit score is to determine the risk involved in lending you the money you need: the lower the score, the less likely you are to repay the money you borrow, and this is a lender's approach.