How to get an auto loan with bad credit
Huge down payment. Willingness to accept a loan at 24% APR. There are all sorts of car lots that love buyers with bad credit. I see the vehicles they bought at the repo auctions every week, being sold by the same dubious loan originators after repossesion. They love to sell an overpriced car/truck to someone that can't afford it, with bad credit who are forced to take their outrageous loan, only to have the car/truck repo'd and sold at auction, where it gets bought by used car lot and the process repeats. If your credit is really bad, stay away from buying a car on loan. Scrimp and save and buy something used, and work on improving your credit score. Try and get your own loan through your bank, and stay well away from the loans offered at a car lot.
I would also certainly AVOID what will soon be a 14 year old BMW to top of what KenF has already suggested to you! You definitely don't need the very costly repair nightmares that often come along with used German cars.
We help out people with bad credit all the time even fresh out of bankruptcy. It is expensive, but so is not having a job. There are lots of factors to consider and others that are not in your situation and never have been in your situation will never understand. The best choice is to fix your credit and wait it out. But it is also hard to get a loan once your credit is there. Sort of a catch22. I would consider your personal situation and decide for yourself if you want to get an auto loan now or at some point in the future.
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