You need a car. It doesn't have to be a new one. You'll be happy just to get a car because it solves your transportation issue. Maybe you just got a better job or a transfer, and it's going to be easier to get there with a car, or a variety of other reasons you may have. The problem is that you don't have the money to buy this car, so you need to finance it. The following are three options you may have to finance a car.
You can try your credit union
Assuming you have an account at a credit union, this should be your first option. Credit unions offer the best terms for car loans because, unlike commercial banks, they are owned by their depositors; therefore, they work in the interest of their customers. However, they usually have stipulations about their auto loans. This includes how old the make of the car is, as well as the amount of time you have been a member of the credit union. In addition, they may have a minimum amount of time you have worked at your current job.
You can apply for a personal loan
This type of loan is often a signature loan, or one that requires a low amount of collateral. The lender will not demand a high credit score, such as a bank or other lender would. Like a payday lender, it is your job that will serve as security for the loan. They will require you to have steady work that can be verified, and one where your employer transfers your pay directly to your bank. There is an upper limit to the amount of these personal loans, so a late model, used car is out of the question. Payment for the used car can be arranged by the lender, but the title of the car will remain with the lender until you pay off the loan.
You can try a bad credit car dealership
This type of business combines a personal loan with a used car dealer. Most of them do not care how bad your credit is. In fact, they rarely look at your credit report. Like a personal loan company, they require a steady job. They carry their own car inventory, but the selection may be greater than you might imagine. They almost always require a down payment, but it is just a few hundred dollars. Naturally, the interest rate will be higher because your credit rating isn't good. You will, however, get a car when using this type of company.
If you need a car, the first place to look is your credit union. Then, you may want to look at a personal loan, but a bad credit car dealer may be your best chance at financing a used car.