How to Get Help to Buy a Car With Bad Credit

Having a bad credit score can make it difficult to get a loan. To qualify for a car loan when you have bad credit, you need to find a way to convince the lender that you are not going to default on your loan. One way to show the lender you are an acceptable credit risk is to get a co-signer to help you secure your loan.

Instructions

1

Sit down and analyze why you need help getting a car. If you have a bad credit score, it could mean a history of not paying bills, late payments, or balances that are too high. Ask yourself if you are ready to take on a car loan and pay a monthly bill for the next few years.

2

Make a list of everyone you think would be willing to help you by co-signing on a car loan. Family, friends, girlfriends and boyfriends, relatives, and acquaintances are all possible co-signers. Make sure to eliminate anyone on your list who does not have good credit.

3

Approach the people on your list one by one. You only need one co-signer, so talk to the person most likely to help you first. Invite your potential co-signer to lunch or offer to buy him a coffee so you can sit down together and talk. Be honest when you ask her to help you, and explain your reasons for needing a co-signer. Address the fact that your co-signer will be taking just as much responsibility for the loan as you will be.

4

Offer to provide your co-signer with a signed promissory note stating you will take responsibility for the car payments. If possible, offer to provide your co-signer with a cash deposit they can keep if you default on your payments.