Bad Credit Car Loans for 2021
Auto loans are secure loans where your vehicle becomes collateral in case you stop paying debt. This is the reason that a lot of lenders these days have started looking beyond bad credit histories to give customers second chances. In fact, bad credit auto loans are not as difficult to find as it may seem.
Best Companies for Bad Credit Loans
- Car.Loan.com
It takes just three minutes to finish a prequalifying form on this website. The form will then be sent to a massive online network which can approve your no-obligation application on the same day.
2. Auto Credit Express:
This network of dealer partners has been able to close bad credit auto loans to the tune of $1 billion so far. Bad credit applicants need to have a monthly income of $1500 to qualify here.
3. Myautoloan.com:
This firm gives bad credit auto loans for used, new, and refinanced cars and can provide up to 4 offers in minutes. The number of auto financing options available here are many.
4. Lending Tree:
All qualified applicants could get up to five offers within minutes of submitting their loan requests. If the down payment requirement, unique interest rate, and monthly payment amount are suitable, you may complete the buying process on the same day.
5. Drive Time:
This company has 136 dealer locations across the US, and they specialize in providing bad credit auto loans. Each credit application is tailored according to the customer’s credit rating.
6. Tresl:
Individuals qualify for bad credit loans without hard inquiries on credit or giving out Social Security Numbers.
7. LightStream:
LightStream has multipurpose fixed-rate loans and claims that it can beat any competitor’s rate by 0.10 percentage points if you get a better deal with 24 hours of funding this loan.
8. Vroom:
This company is characterized by its large vehicle inventory and allows customers to apply for bad credit loans either through it or third party lenders. Get the amount approved and shop for your car online.
9. Carmax:
With Carmax having 190 dealerships across the US, you can get partnered car financing deals or in-house finance and get yourself on the road the same day.
10. CarZing:
There’s no need to get a hard inquiry done for loan approval here and you may customize your monthly payments.
11. Capital One Auto Finance:
Capital One is a popular bank for credit cards, but it also has an equally well developed car loans division. It can offer loans to customers with all types of credit histories.
12. Refijet:
This company claims that it can help customers reduce their car payments by $150 on an average every month by refinancing their current loan.
13. Byrider:
This finance company offers same day approvals and most buyers do not have to submit any down payment.
14. Autopay:
Auto refinancing and new car loans are available at rates as low as 1.99% here.
15. Ally Clearlane:
Get a prequalified car loan with no credit score impact through the bank’s mobile application.
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Price does not include dealer installed options or cost of optional equipment chosen by the purchaser.