Car loan companies work very hard to offer the most competitive car loan rates
, particularly to those who have good credit. They know that good and excellent credit borrowers have many options available to them. In order to get their business, they have to offer the lowest rates possible.
The same isn't true for those with poor and bad credit. Car loan companies know that these borrowers don't have many options. Often they are more interested in just getting the financing than in what it costs. Many borrowers want an auto loan with no cosigner because they know finding a cosigner with good credit is tough. Unfortunately, they are often disappointed and realize that a good auto loan without a good credit cosigner just isn't really possible.
Another commonly sought after loan for those with poor and bad credit is referred to as guaranteed auto finance. In this circumstance, the loan relies primarily on the applicant's job and income. If both can be well documented and appear stable, this serves as the basis for the loan. In some circumstances and if the seller is determined to make a loan, they will ask for money down and etc. All designed so their guaranteed auto finance is actually offered. In many cases the loan can almost be worst than not having a loan. A high interest rate and onerous terms can become very burdensome over the length of a loan.
At the end of the day, the best way to get auto loan companies to give you their best low rate car loans is to have as good credit as possible. If that's not the case, expect high car loan rates and make plans to live with it.