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No Cosigner Bad Credit Auto Loans

A bad credit auto loan is the sort of auto loan that an individual who has bad credit can take up whenever he is in need of funds to finance the purchase of a car that he can call his. Bad credit auto loans are accompanied with slightly higher interest rates. And individuals who have bad credit are usually made to put up with the payment of high interest as penal for having bad credit.

As an individual who has bad credit and intends taking up a bad credit auto because you have bad credit and unworthy of being granted credit, the auto lender might request that you should get someone to cosign on your application for a bad credit auto loan.

A cosigner is someone who has excellent credit and is made to sign on someone else’s bad credit auto loan application to give the lender a guarantee that the individual who is being financed with a bad credit auto loan would not default or fail in meeting up with repayment.

Bad credit auto loans are only give out to those who are able to provide the auto lender with collateral and all other stuffs that he might have requested for. as an individual who has bad credit and cant not afford to take up a bad credit auto loan because he has not one to cosign on his auto loan application. I would recommend that you  liaise with the lender and find out ways by which you would be permitted to substitute or replace the provision of a cosigner with collateral.

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