Buying a new car does not have to be nerve-wracking. Most people who are nervous about their credit getting in the way of getting a new or used vehicle can still get auto financing. There are at least three different routes to guaranteed approvals if your credit is less than perfect and you definitely need another car.

Weekly or Bi-Weekly Payments

Some used auto dealers provide onsite financing to those who might be a credit risk. Usually, the payments are not monthly, but occur more frequently (e.g., weekly or bi-weekly). You still have to prove that you receive a regular paycheck or regular income of some sort, and the amount that these dealerships are willing to finance for you is based off of what your income is, minus your current debt load and financial responsibilities. Sometimes these terms come with a higher interest rate as well, but that may be something you can haggle over when you are at the dealership.

Much Higher Interest Rates

As painful as it might be, sometimes starting out with a higher-than-anticipated interest rate on a loan could be a good thing. You still get the guaranteed approval and the car you need, and some lenders are willing to re-examine your credit after several months to a year. If you make regular and on-time payments, some dealerships that offer onsite financing with high interest rates are willing to readjust the terms of your loan agreement or refinance your vehicle at a lower interest rate.

Borrowing on the Vehicle You Have for the Vehicle You Do Not Have

If you do not intend to use your current vehicle as a trade-in, you could get an auto title loan on that one to use as a down payment on your next car. Quite often, dealerships may only be able to guarantee an approval for financing if you can provide them with a cash deposit. Although you would have to pay off two types of auto loans on two vehicles, you would at least be able to secure the financing on the second car or truck and pay off the lien on the first vehicle rather quickly. Since you are already securing the title loan with valuable automotive property, most of these title loan places do not do a credit check. Ergo, the only credit check that may be performed is through the dealership on the financing for your next vehicle.

For more information, talk to a professional dealership like Leopardi Auto Sales and discuss what financing options they offer for low-credit buyers.