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Buying a Car with Bad Credit

If you or a member of your family needs a car, but your credit is poor, you may begin to realize that your options are limited. Buying a used car with financing from your lending institution requires, at the very least, a marginal credit history. Still, there are some things that you can do to increase the likelihood of buying a car with bad credit.

Improve your credit score. If you can afford to wait a few months before purchasing, you can start by trying to improve your credit score. Order your credit reports from the three reporting bureaus – Equifax, Experian, and TransUnion. Go through each report and verify that they are correct. You may find some discrepancies that you can dispute. Disputing these inaccuracies and removing them from your credit history can increase your credit scores.

Save for a large down payment. Again, if you can wait a few months or more, you need to plan ahead by saving for a down payment. In cases where a buyer has poor credit, the loan company will expect a large down payment. The more you put down; the more likely a lender will be willing to approve your loan. As you save, keep in mind that you will need to pay for extras like insurance, tax, title, and tags.

Visit a used car dealership. Search for used car dealers in your area. They are usually not hard to find. Used car dealers often work with sub-prime lenders that can work with buyers who have poor credit. Look for a used car dealer that specializes in bad credit financing and only apply to one dealer at a time. Each dealer will check your credit history, and those multiple inquiries can help to lower your credit scores.

Consider a co-signer. Any loan can have a co-signer, someone who agrees to take responsibility for the loan as if he or she was borrowing the money. A friend or family member may agree to co-sign an auto loan with you, but they must realize that they are on the hook should you fail to repay.

Consider a car title loan. If you already own a vehicle and are considering purchasing another, you may be able to use the equity in your existing car to make the purchase. Embassy Loans has helped tens of thousands of customers access cash for a variety of reasons. Car title loans are easy to apply for and are processed very quickly, often within a day or two. Learn more to find out if this may be an option for you.



Embassy Loans is a leading provider of auto title loans since 2005

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Embassy Loans Inc. is licensed under the “Florida Consumer Finance Act” and as such Embassy Loans is exempt from any licensing requirements under the “Florida Title Loan Act” to the extent that any of Embassy Loans’ activities involve the making of a loan of money to a consumer secured by bailment of a certificate of title to a motor vehicle.

Monthly Interest Rates range from 1.5% to 2.5% (18% to 30% APR), with 15-18 Month Terms.

No Prepayment Penalties!

Embassy Loans uses “Title Loans” for advertisement purposes only and provides auto equity loans. Embassy Loans Inc. is licensed under the “Florida Consumer Finance Act” under Florida Statute 516 and as such Embassy Loans is exempt from any licensing requirements under the “Florida Title Loan Act” to the extent that any of Embassy Loans’ activities involve the making of a loan of money to a consumer secured by bailment of a certificate of title to a motor vehicle.

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Frequently Asked Questions

What is an Auto Equity Loan?

An auto equity loan, sometimes known as a car title loan or a car equity loan, is a type of loan that allows you to borrow money by using your vehicle as collateral. The loan is secured by your vehicle, meaning you agree to use the equity in your car to back the loan. 

What is an Unsecured Personal Loan

An unsecured personal loan is a loan that does not require collateral. Funds are provided based on your credit worthiness and your ability to repay. 

What Is the Credit Builder Program

The credit builder program is designed to help individuals establish or improve their credit score with the primary purpose of building a positive credit history through regular payments.

Can i have more than one Loan at a time?

Embassy Loans can only extend one loan at a time and it’s advisable to start with one and focus on making payments in a timely manner to prevent default.

What happens if I miss a payment?

Missing a payment can have negative consequences, including late fees, a drop in your credit score, and potential default on the loan. Consistent, on-time payments are crucial to benefit from the program.