It can be difficult to get a loan for a car when you have bad credit. This is a problem that many people are facing today due to a stressed out economy and a stagnant job market. However, there are some ways that you can get car credit loans that will allow you to get the car that you need to get around. A big part of getting a car this way is understanding what your options are. Here are a few tips for getting the car you need with bad credit.

Choose a Buy Here Pay Here

One of the easiest ways for someone with bad credit to get a car credit loan is to use a buy here pay here car lot to do it. Most of these facilities are owned and operated by an individual and they are not part of a chain store. They also provide their own financing, which means they don’t use banks to provide you with the necessary lending, they loan you the money themselves.

It’s important to note that your terms for this type of loan will typically border on usury in terms of your interest rates. Sometimes places like these will charge as much as 40% interest on their loans, which is why it’s important to know exactly what it is that you are buying and what you’re being charged for it.

Offer a Big Down Payment

Sometimes you can go to a regular dealer and get a loan from a traditional lender if you have a large down payment. Keep in mind to get car credit in this way, you will typically have to have at least $2000 down and possibly more depending upon the cost of the vehicle that you’re considering buying. Your interest rate will still be high but not as high as that of a buy here pay here car dealer.

Wait and Improve Your Credit Score

If you’re not in dire need of a new vehicle, then you should consider waiting until you have improved your credit score to a point where you can get a traditional car credit loan. However, this isn’t likely to be an option for everyone, so consider what’s mentioned above and you should be able to find a place that will offer you a loan.