Question: Do Credit Unions Give Car Loans With Bad Credit?

Advantages for Bad Credit Borrowers

Banks will charge a higher interest rate and sometimes, they will refuse a loan completely for borrowers who have a credit score of 550 and less.

However, credit unions like Alliant Credit Union will charge lower fees and loan rates, even if the customer has a bad credit history.

Can I get an auto loan from a credit union with bad credit?

If you have bad credit and can’t get preapproved for an auto loan from a financial institution, you might be able to get a loan from the car dealership. But be aware that the interest rates on these loans can be higher than what you’d get from a lending institution.

What credit score do you need for a credit union auto loan?

Car loan rates

Credit scoreAverage APR, new carAverage APR, used car
Source: Experian Information Solutions
Prime: 661-7804.56%5.97%
Nonprime: 601-6607.52%10.34%
Subprime: 501-60011.89%16.14%

2 more rows

Can I get a loan from a credit union with bad credit?

If your credit scores are low and you need a loan right away, finding a credit union or online lender offering personal loans for people with bad credit could be your best option. Just be sure to carefully compare the rates and terms of each loan to find the most affordable lender willing to work with you.

Can I get a car loan with a 500 credit score?

Car Loans for People with a 500 Credit Score. If you have a 500 credit score or any score less than 640, you are not alone. So, when it comes time to get a car loan, even if a person is now in a financially stable position , they still have to look for car financing for poor credit.