Most likely you can! You will probably need either a large down-payment or a cosigner on your loan, but there are a significant number of lenders and dealers out there who will help you if you have no credit.
How can I figure out my monthly payments?
Like any other loan, the monthly payment on a bad credit car loan is based on your credit profile (and, of course, the vehicle you end up buying). Note that newer, lower mileage cars are better because they usually qualify for extended terms. These are what most bad credit buyers will need. In general, the best payment options come from a newer model, less expensive vehicle, that has under 40,000 to 50,000 miles. To understand your monthly payment, you should consult a payment calculator available on many web sites on the Internet. FederalAutoLoan.com has such a calculator that can help you to figure your payment.
What kind of interest rate can I expect on my bad credit car loan?
While being a good question, the problem is that there really isn’t a simple and direct answer. Car loan interest rates are based off a wider variety of factors. These include your general credit profile and how much equity is associated with the loan. Generally, the higher your credit rating, and larger the down payment is, the lower the rates you will receive on your vehicle loan. Additionally, the make and model year of the vehicle you want to purchase also plays an important role in the interest rate you will receive on your loan. As an aside, interest rates typically increase by approximately one point per year of age on the vehicle. So the older it is, the higher the rate you’ll pay.
