Subprime lenders specialize in lending to borrowers with poor credit. They typically charge higher interest rates and fees, but they may be your only option if you have bad credit. Some popular subprime lenders include:
* Capital One Auto Finance
* Credit Acceptance Corporation
* Santander Consumer USA
* CarMax Auto Finance
* DriveTime
Buy Here Pay Here Dealers
Buy here pay here (BHPH) dealers are dealerships that finance cars in-house. They don't require a credit check, but they typically charge high interest rates and require a large down payment. BHPH dealers are often a good option for people who have been turned down by other lenders.
Credit Unions
Credit unions are financial institutions that are owned by their members. They typically offer lower interest rates and fees than banks and other lenders. Credit unions may also be more willing to lend to people with poor credit if they have a relationship with the credit union.
Online Lenders
Online lenders offer car loans to people with all types of credit. They typically have more flexible credit requirements than banks and credit unions. However, online lenders may charge higher interest rates and fees. Some popular online lenders include:
* LendingTree
* Autotrader
* Carvana
* Vroom
* CarGurus
Friends and Family
If you have friends or family members who are willing to lend you money, this can be a good option for financing a car. Just be sure to get everything in writing, such as the loan amount, interest rate, and repayment terms.
