Buying a car on loan or taking out a personal loan when you have a poor credit rating is not an easy thing. This is because there are many lenders who will reject your application simply because you have a bad credit rating. To boost your chances of getting a car loan with bad credit, you need to first understand why lenders are rejecting your application. When you have a poor credit history, lenders will see you as a risky investment because you might default on the loan. That is why they can either reject your application or charge a high interest rate.
It is important to note that you can easily get bad credit car loans. All you need to do is make a list of the top lenders and do everything possible to help lower the interest rate charged.
Once you have the car loan approved, you should strive to service the car loan accordingly. This is because you do not want to further damage your credit by having your car repossessed. That said, you should only buy a car whose payments you can easily afford.