Having a low credit score can make it challenging to secure a new car loan with favorable interest rates. However, there are still options available for individuals with low credit scores to finance a new car purchase. Understanding these options and knowing how to navigate the process can help you find a loan that fits your financial situation. Here are some rate options to consider when seeking a new car loan with a low credit score:

1. Subprime Auto Loans

Subprime auto loans are designed for individuals with low credit scores or a limited credit history. These loans typically come with higher interest rates than prime loans offered to borrowers with good credit. While the interest rates may be higher, subprime auto loans provide an opportunity for individuals with low credit scores to finance a new car purchase.

2. Buy-Here-Pay-Here Dealerships

Buy-here-pay-here dealerships are another option for individuals with low … READ MORE >>>