If you have been rejected for a car loan because of your credit score, dont despair. You can get approved for a loan even if you have less-than-perfect or bad credit, but you may need to take a few steps to do so.
Lenders see a credit score below about 620 as a risk, putting you in the subprime loan category. This does not mean it is impossible to get a car loan, but be aware that the APR for these loans are generally high. Follow these tips to help you qualify for the best possible APR:
1) Know your credit score
Its always smart to know your credit score so you are prepared for what lenders may tell you. This will also prevent dishonest lenders and dealers from saying your score is lower than it really is.
2) Wait to buy
For many people, owning a car isnt a matter of life or death. If there is any way to wait for a few months while you improve your credit score, it could save you thousands of dollars if you can then qualify for a lower APR. Your credit score is a snapshot of your credit, so making a few changes can drastically improve your score in a short time.
3) Get financing first
Many lenders specialize in subprime lending...
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