Disclaimer: This post contains references to products from one or more of our advertisers. We may receive compensation (at no cost to you) when you click on links to those products. Read our Disclaimer Policy for more information.
Perfect credit isn’t necessary to secure an auto loan, but decent credit is. If you have bad credit (or no credit), you may need a guaranteed auto loan.
Be careful, though. It’s not what it sounds like – not just anyone can walk into the lender and get a loan, you still have to meet specific guidelines.
Here are the top 5 best-guaranteed auto loans available today.
Auto Credit Express commonly works with borrowers with serious credit issues, including bankruptcies, foreclosures, and collections.
They require borrowers to have at least $1,500 a month in income, but that’s about their only requirement. Auto Credit Express is a marketplace that takes your application, looks at your qualifying factors, and matches you with a lender.
They work with hundreds of lenders who operate in the ‘bad credit’ sector, giving you more opportunities than you would have if you applied for the loans individually with each bank.
We love that Auto Credit Express has options. You aren’t stuck with the one loan they offer since they aren’t a lender. As a marketplace, they work with hundreds of lenders and have helped thousands of low or bad credit borrowers secure auto financing.
>> More: Auto Credit Express Review
MyAutoLoan.com is another marketplace geared toward borrowers with bad or no credit. They don’t guarantee loans, but they make it much easier to find a solution by working with its network of lenders.
After completing one application, you’ll receive up to 4 offers from partner lenders for you to compare side-by-side. Like Auto Credit Express, you must earn at least $1,500 a month. It doesn’t cost anything to apply, and you’ll have the ability to compare offers. MyAutoLoan.com lenders typically offer loans with terms ranging from 24 to 72 months.
We love the ability to shop around for the best auto loan rate, especially if you have bad or even fair credit. Applying with a single lender takes time and often leads to a denial if you have bad credit.
MyAutoLoan.com makes it easy to shop around for the best rate despite your credit situation, all within a matter of minutes, and if you find a loan you like, you can have funding within 24 hours.
>> More: MyAutoLoan.com Review
Car.Loan.com works with borrowers with bad credit or even no credit. Rather than networking with lenders, they work with local dealers who can offer in-house financing to borrowers that don’t qualify for traditional financing.
Car.Loan.com has been in business since 1994, so they have a long-term reputation for helping people secure car loan financing. They typically offer a decision in a few minutes, but it can take up to 24 hours, depending on your qualifications.
If you prefer to do everything simultaneously (find a car and a loan), Car.Loan.com may be the best option. Instead of matching you with a lender and then leaving you to find a dealer, they match you with a dealer that will provide financing. It cuts down the back and forth and may put you into a car faster.
>> More: Car.Loan.Com Review
RoadLoans.com is different than the above options. They are a direct lender, which means you get the financing from them rather than being directed to one of their partner lenders.
They offer a simple online process that provides answers in as little as one minute and once approved, you’re free to shop for a car within your budget using your pre-approval in hand, so dealers know you have the financing already. We like direct-to-consumer lending. Marketplaces are nice but going directly to the lender is nice if you know what you want and are ready to roll. You’ll know what you can afford and what dealers accept the financing because RoadLoans.com tells you after you’re approved where you can shop. You may complete the entire process faster, and the fact that there aren’t any late fees or prepayment penalties is rather nice.
Buy-Here-Pay-Here lots are just as they sound – you buy the car and get the financing at the same place. These dealers offer in-house financing rather than requiring you to get a bank loan or third-party financing.
They are good for borrowers with bad credit since they typically don’t check credit but care more about your income and ability to repay the loan. They typically charge much higher interest rates and fees, so read the fine print and ask many questions before choosing this option. We love the convenience of securing financing where you buy a car. If you know you have bad credit and won’t qualify anywhere, this can be your best bet. Just make sure you read the fine print and ask a lot of questions. The fees and rates are often much higher, which makes sense, but you should make sure they are affordable for you.