Can I Buy a Car With Bad Credit or “Inexperienced” Credit?

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The simple answer to this question is yes. Many lenders specialize in lending to those with low or poor credit scores. As crazy as it sounds, there are banks that will finance your new or used vehicle before you file for bankruptcy.

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All of these lenders will still charge you a premium. These lenders understand that you have few options when it comes to buying a vehicle and that your past decisions may not have been the best. These lenders are confident that you will pay top dollar to obtain a car loan.

These lenders will typically charge 21% interest, or the maximum amount permitted in your state. This is not a good option, as 21% interest is exorbitant. However, it could be the only way you have if you need to finance a vehicle.

This alternative is for you if you are in this situation:

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  • Buy an old car with cash and/or get a buy with an older car
  • You can rebuild your credit score by getting a few new credit cards. Then, you will need to pay them off each month on time.
  • After using your credit cards for a while, contact your credit union to see if they are willing to extend you a loan.
  • This process of rebuilding your credit is explained very well on Even if bankruptcy has not been filed, you can still review the re-establishment steps starting at step 1.
  • Bad Credit vs. Inexperienced Credit: How to Buy a Car
  • You have two choices if you don’t have credit history or very little credit history.
  • If you are under 25 or over 25, a parent, or a spouse, should be a cosigner.
  • You can also look into first-time buyer programs offered at new car dealers

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Because you have the most flexibility, co-signers are the best option. If you don’t have someone to co-sign, you can still check out the first time buyer programs offered by Ford and Toyota (especially Scion). Nearly all manufacturers offer a first-time buyer program for recent college graduates.

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If you don’t have a cosigner or are not interested in purchasing a car under a first time buyer program, your best option is to save money for a large down payment. Even if your credit score is not perfect, you can still get approved by paying $5000 for a car.


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