If given the choice of a new car, borrowers with tarnished credit should choose the model with the better record of reliability.
Only a lender can tell you if you qualify for an auto loan. In addition, filling out an application to pre-qualify usually results in a hard inquiry.
Consumers with bad credit typically pay more for car insurance because their FICO scores are low. Mercury car insurance study shows vehicles from 2012 to 2015 which were the cheapest to insure – many would fit the budgets of poor credit buyers.
We take the Kelley Blue Book 2016 Best Resale Value award winner list and slice and dice it to come up with the best vehicles for consumers with poor credit.
Even with the annual costs of owning a vehicle falling slightly this year, if you’re currently, or thinking of, financing a vehicle, the fact is that gas prices won’t be low forever. We therefore continue to suggest that consumers with poor credit finance an affordable small car and put off financing something more expensive until their auto credit has been reestablished.
In our experience, bringing in a list of at least six complete references from people an applicant knows who have given their permission, during the first dealer visit, will move the loan process along more smoothly and quickly.