But unlike auto loans, personal loans don't require you to use your car as collateral (as long as they’re unsecured loans), so you won't risk repossession if you can't pay. Take out a personal loan: Personal loans can be expensive if you have bad credit-interest rates can be as high as 36% or more in some cases.Minimum and maximum loan amounts, including the maximum loan-to-value ratio (LTV)ĭepending on your situation, you may have access to other options for financing your vehicle purchase:.Origination fees and prepayment penalties.Interest rates (including whether the lender is transparent about them).Loan options (new car loans, used car loans, refinance, cash-out refinance, private-party loans, etc.).*Source: myFICO Comparing Bad-Credit Car LoansĪs you shop around for an auto loan with bad credit, here are some of the features to keep an eye on: *Customer reviews were collected from an independent Investopedia survey of 1,016 current, past, and prospective auto loan borrowers. … But that's the only thing I would do differently, is … go for something with a lower interest rate.” “If I was going to do something differently, I'd probably check and see if credit union had lower interest rates.But because I was in a different state, they didn't do that.” If I picked it online they would have driven it to me and had me fill the paperwork in my house. They would have even brought the car to me. But this time it was during COVID when I got the car and they were trying to do everything that they could online. “.Over the years I started buying from CarMax, maybe about 15 years ago, and had used the same salesman, usually.And I've been happy with the warranties on the repairs two cars ago.” I've bought, and my family has bought more than one car from them, and I've got friends who have, so I think it's pretty well-run. “I've been satisfied with the products that I've gotten there.
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