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Bad car credit frequently asked questions

How much money will I need to put own?

The answer is “whatever works for your budget”. Any more than that may cause you to miss your first payment. Money down can certainly help and is recommended, but we realize that money down may not work for everyone. Car Loans on Demand will work with what makes sense for you.

How long does it take to get into a vehicle with bad credit?

Car Loans on Demand will contact you within 15 minutes Monday-Sat 9AM-9PM. Our dealers can react to your needs as they arise. If you need a car fast, we can help.

If I don’t like the car can I just return it with 3 days?

If you live in a state like California has has a provision in the law that says you can. Most states do not provide for this and once you sign on the line you are an owner. This law actually protects the dealer from unscrupulous customers (sounds odd but there are more of them than bad car dealers in the world) so that they aren’t just providing 3 day no charge rental units to people out for a joy ride. Buying a car should be taken seriously and if you don’t like the car you should not buy it. Most dealers have no problem letting a customer take a car for an hour or two on an extended test drive to make sure their client likes the car. Just ask your dealer if you are not sure about buying a certain type of car.

If I use a co signer will the car loan show up on my credit report?

In most cases yes. It is good to check with the dealership who can confirm this with the bank that will be financing your vehicle. It’s a great question and it’s important for you to be building your credit as it is due you.

What if I am Upside Down and have bad credit. Can I still get an auto loan?

Then you would be like 75% of our customers. We understand what it takes to get you out of a high interest rate loan that has contributed toward you being upside down-our dealers stock inventory that can make your deal happen even if you have negative equity. Don’t be discouraged, just be patient and flexible.

What is my interest rate going to be?

Car Loans on Demand and its dealer network do not sell money- we want to get you into a car. With that said our goal is to get you the lowest possible rate for your situation so that the payments are low and affordable. Rates will vary with credit situations and can be as high as the mid to upper teens. The good news though is that we often times get our customers single digit interest rates and if you have a trade in there’s a good chance we will get you a lower rate than the one you have now.

How does a guaranteed auto loan work?

Most of the time these loans aren’t guaranteed at all…that’s the sad truth. However, there are dealerships that really do offer a program that can get you into a car in almost all instances. These programs usually require a minimum income and a fair amount of money down, but if you are dealing with a reputable dealership (especially one in the Car Loans on Demand network), the demands aren’t too unreasonable if your credit has really gotten that bad.

Can a Co Signer have his or her name taken off a car loan during the term of the loan?

Only if it is refinanced. There is no method through titling or re titling at a certain period of time that will get your co signer off a loan. Do not listen to dealerships that tell you you can take a co signer off after 6 months or some finite period of time.

Can I get a loan if I have terrible credit but my co signer has great credit?

Yes. And in fact it is an excellent way to save you thousands of dollars in unnecessary finance charges. Moist lenders will give you a much better rate if you have a strong co signer.

Does it matter if I am first or second on the car loan so that it gets reported to the credit bureaus?

No it doesn’t. As long as the lender or bank will be reporting to the bureaus then you will receive credit as does the other person on the loan.

Can I use my Social Security and/or Pension as income for my car loan?

Absolutely. In fact some lender will allow the dealership to “gross up” your social security income as it is earned tax free.  That means that they may credit you up to 125% of your income meaning that if you get $1000.00 per month in social security income you would actually be able to tell the bank you earn $1250.00 per month. When qualifying for a loan every little bit helps.

What if I total a car and the insurance does not pay off the total balance? Do I still owe?

First word YES, second word GAP…GAP=guaranteed asset protection. There are so many terrible insurance companies out there who do not want to give you what your car is worth that it’s almost always advisable to get GAP coverage on your car loan. Why take a chance on being responsible for thousands of dollars you may owe the bank if this happens when for a few dollars per month you can have peace of mind.

Should I buy a new or used car if I have bad credit?

Good question and the answer really depends on how good the rate is on this loan and how long you plan on keeping the car. If the rate is really high buy a used car and trade soon once your credit improves. If you get a decent loan and will be staying in the car for at least 4 years consider buying new.

How much does it cost to get a bad credit car loan?

Absolutely nothing! Matching you up with dealerships that specialize in bad credit car loans is completely free. has become the leader in assisting people with their bad credit financing needs. Finding a dealer who works with lenders that can help you get into a vehicle, has never been faster or easier. All you have to do is fill out a contact us form or call, and you can be on your way to getting an auto loan.

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