Millions of people have bad credit. Sometimes it’s through no fault of their own, maybe as a result of medical bills, unexpected life events, or because they agreed to cosign for someone else’s debt. Of course, there are also those who simply have made financial mistakes in their past and are still suffering the consequences. In any case, poor credit isn’t exactly rare.

But even those of us with poor credit need vehicles in order to get through day to day life. A question that comes up time and time again is whether somebody who has bad credit can qualify to buy a vehicle. The answer is….it depends!

Here’s the good news: car dealerships stay in business by selling cars, so it’s in our best interest to help get you into a vehicle, whether or not you have poor credit. So if you’re in the market, it’s always worth looking into it further. 

If you want to buy a car but you have bad credit, there are definitely options out there for you. Whether or not you’ll get approved will depend on a few factors, including the vehicle and price range you’re looking at, and the your entire financial picture.

If you have a steady source of income and can verify it, it will definitely help get you approved. The same goes for any down payment you’re able to come up with, as it will show the bank that you have “skin in the game” and provide some equity in the vehicle right off the bat. Of course, as person with bad credit, you’ll be perceived as a greater risk to a lender, which means that you’ll pay a higher interest rate on your loan than someone with perfect credit would.

Another option if you’re unable to qualify for a loan on your own is to find a cosigner. This is someone who has better credit who is willing to sign on the loan with you, which will help get you approved. Cosigners can be friends and family, as long as they’re willing to help you out.

So while there’s no way to say for sure whether you’ll get approved or not, it’s always worth at least trying. In any case, if you have questions about buying a vehicle or about the process, feel free to reach out to me and I’ll do my absolute best to get you approved.