Auto Loans

When you plan to buy a car you need to make sure that you found the right finance option. Mike Credit rounded up car loan offers with the most competitive interest rates. Check out the best car financing deals available today.
1 offer
 
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640
Min Credit Score
$ 50 000
Loan Amount
60 Month
Term of Loan
2.24%
APR
Refinance
Type
Compare
Super offer

Getting your own car

A car loan (or an auto loan) is a type of a finance product where the lender provides funds to the borrower for a car purchase. While buying a car is always an exciting event, getting a car loan may be not so exciting. The vast majority of car finance services will do a credit search to determine your eligibility for a loan, will ask you to provide verification documents and will expect you to make a substantial downpayment. Supposedly, your documents and the downpayment amount are in good shape, but what to do if your credit score leaves a lot to be desired?

Advice for bad credit

Getting an online car loan when you have bad credit may seem unbelievable but there are certain things you may do to increase your chances, provided that you are ready for higher interest rates:

  • Analyze why your credit score is low, so you may take necessary steps to improve it. If some of your payments were behind the schedule earlier and you can explain it by temporary difficulties like a job loss, sometimes lenders are ready to make a compromise and meet your request.
  • Consider the loan amount you will be able to repay.  If you are a student with bad credit looking for a car loan, even a mid-price segment vehicle may seem too pricey for the lender. Also keep in mind that used car loans are not necessarily a better solution, as purchasing a new car generally offer better financial conditions.
  • Thoroughly examine the market to see what terms different lending services offer. At Mike Credit this process will take you as little time as possible.
  • Refinance for a better deal. There is a common misbelief that subprime credit ratings will stay with you permanently, however refinancing an auto loan with bad credit is absolutely possible after diligently paying off your debt for several months, so check your options.

If you have made up your mind to take out a car loan, we are ready to offer our advice and guide to the best competitively-priced auto loans, so you may not worry about all the search work and focus on finding your perfect car.