Having a poor credit score means that you pose risk to the lender. It may lead the lender to believe that in the past you have not been disciplined in paying your bills on time and has taken out too many loans. High-risk borrowers often get charged with expensive interest rates. But, with some research, you can still find a lender that is willing to approve your loan and give you a reasonable APR interest rate.

If you have poor credit score, chances are you won’t be able to get a car loan from a bank. Banks often ask for higher down payments when you have poor credit score. On the other hand, credit unions are known for offering lower rates and extra benefits especially for customers who already have accounts with them. You can go to a credit union that you already have membership. The credit union membership can be joined for free if you don’t have any savings account with them.

You can also apply for the car loan through your car dealer who work with numerous banks and loan companies. Whether or not you get approved for a low interest rate will depend on the car dealer. Another method is to apply for the car loan online. It takes less than 5 minutes to complete the car loan request application form. Many lenders support soft inquiry so you can get preapproved prior to applying it. You can conveniently apply for the online car loan from your laptop or mobile phone.

Many online car loans lender will approve your loan if you can provide proof that you have a stable job. The job must provide enough income for you to pay back the loan. To provide income proof, you must prepare the payslip of the last 3 months. They will approve your loan faster if you have work with the same employer for a long time.

You can go to your employer and ask him to write a letter for the car loan application. The letter should include the start date and salary you receive. If you receive increment to salary during your employment, the information should also be included in the letter. Besides, you must prepare the documents like utility bills to prove your residential address.

You probably don’t know what is a bad credit score and only think your credit score is low in your viewpoint. Therefore, you should always check the lender’s definition of bad credit score when shopping around. You can shop around by using the online comparison tool. The online loan comparison tool allows you to input your credit score, zip code and loan amount to filter the search results. On the loan comparison site, you can submit applications to get preapproved and find out the estimate interest rate