How to Buy a Car With Bad Credit in San Antonio, Texas

Various online financial sites and local dealers offer car loan programs for San Antonio, Texas, consumers with bad credit resulting from charge-offs, divorce, bankruptcy, repossession and late payments. Complete an online application to find out which type of loan product you qualify for and the interest rate and terms. Expect that you will have to pay a higher interest rate with bad credit. You will need to provide the finance company with proof of income, a cash down-payment and evidence that you have full coverage car insurance.

Instructions

Car Loan Financing

1




Find a car you want to purchase at a San Antonio, Texas, car dealership. Inquire if the dealer specializes in bad credit car loans. Complete a car loan application either at the dealership or with an online finance company. The preliminary process should take anywhere from one hour to 24 hours. The finance company will advise you of the loan rate and terms so you can comparison shop to choose the best loan product.

2




Provide the car loan finance company with proof of your income such as recent paycheck stubs, an explanation about what caused your bad credit situation, evidence that you have paid any past-due debt or collection debt and evidence of your down payment so the company can review and evaluate your application.

3




Make the down payment. Bring a cashier's check or personal check to the car dealership as a down payment for your car. The higher the down payment you make, the better chance you have that the finance company will approve your application. The finance company assumes less risk when there is more equity in the loan.

4




Read your car loan finance papers carefully. Make sure you understand the terms of your loan before you sign anything. Ask the car dealer or finance company to explain them to you.