• How to Get a Same Day Car Loan with Bad Credit

    Bad credit auto loans have become very prevalent due to the fact that a large percentage of the American public has some sort of derogatory mark on their credit report. You have bad credit and you want to get a loan the same day you apply for it. Bad credit is no longer something that need stop you from obtaining same day car loan approval, as long as you pay attention to some simple advice.

    • Know your credit report and history
    • Shop among various lenders
    • Come up with a down payment
    • Obtain a co-signer

    Credit Report and History

    It’s important to know what your credit score is and what’s on it. It’s just as important to know what your credit history is so you can tell if anything is on your report that shouldn’t be there.

    Shop around

    Talk to various lenders. Go online and request information from a number of online lenders. Most banks and normal auto loan lenders don’t do instant or same day car loans. Many of the banks and lenders that will offer you a bad credit car loan won’t do it same day.

    Down Payment

    The less you have to borrow, the more likely you are to receive same day approval. This could also affect the loan rate, meaning lower payments when you obtain approval.


    For those with bad credit and no down payment, a co-signer may the only way to obtain instant car loans or auto loans with same day approval. See if a family member will co-sign the loan for you.

    Types of Same Day Lenders

    As stated above, many traditional lenders do not offer car loan approval the same day with bad credit. When looking for same day approval, you need to make sure that you have all of your documentation in order when you apply, otherwise you can expect delays. You can find same day approval from three types of lenders:

    • Dealerships
    • Online lenders specializing in same day approval
    • Payday or car title lenders


    Many dealerships have a database of lenders offering a no credit check loan or instant approval. You can pick out your car and obtain approval, usually within minutes. Call a number of the dealerships you’re interested in working with to see if they offer this type of financing service.

    Online Lenders

    There are literally hundreds of companies that do business only on the web. Fill out a few applications and find out what sort of rates you can expect.

    Payday or Title Lenders

    This type of lender offers a true no credit check loan, with instant approval. But the trade-off is that the loan rate will typically be quite a bit higher, and you will end up paying much more than if you went elsewhere.

    Once you obtain your same day car loan approval, it’s a good idea to set up automatic payments with your lender. This will help keep you from being late with payments. As long as you follow the steps and advice above, you should have no problem obtaining same day approval for your auto loans.