Once you are bankrupt, do you remain untouchable to the creditors? It is an old story now. Banks are ready now to help you out even if you were bankrupt previously. Their policies are customer-centric. Their goal is to understand the abilities and helplessness of their customers at the same time and help them accordingly.

If you have bad credit, you may find it difficult to obtain an auto loan through a bank or traditional finance company. Most banks and tier 1 finance companies only lend to people with Prime, Good, or Marginal Credit. If you have Poor, Bad, or Very Bad Credit, you should consider a dealer or service that specializes in helping people with bad credit buy a car.

Using a service or dealer that specializes in special credit situations saves your time and reduces inquiries into your credit. Numerous recent credit inquiries are known to lower your credit score. If you apply with the wrong dealer, they may send a car loan application to many lenders whose program requirements you do not meet. If this happens, your score may be lowered and when you are finally approved, it may be at a higher rate than you would have received if your car loan application was sent to the right lender in the first place.

The following credit scores are only guidelines. Lender score requirements vary. Some lenders, in fact, do not have a credit score requirement.

720+ Prime Credit
680+ Good Credit
640+ Marginal Credit
600+ Sub-Prime Credit
580+ Poor Credit
525+ Bad Credit
480+ Very Bad Credit

If you want auto loans with bad credit, you should first check your credit score. If your score is less than 600, find an automobile dealership or online service that specializes in special credit situations.

Sometimes purchasing and financing a car through a dealer works to the buyers' advantage. A company dealing in the finance operation only must make all of their money from the financing where the dealer also makes part of their money from the sale of the vehicle. In some incidences, the incentive to sell the vehicle for the dealer can mean financing concessions or less constringent guidelines.

Surprisingly, this emerges frequently in a situation when purchasing a brand new vehicle. With a sizable down payment, it may actually be easier for borrowers with bad credit to obtain financing for a new vehicle financed by the car manufacturers' own funding arms because of the company's incentive to sell their new cars.