What do you do if you have no credit, very limited credit, or even bad credit when it comes to purchasing a car?  Can you get a car loan?  Do you have to go to the scammy BHPH (Buy Here Pay Here) dealer and get a cruddy car at 29% interest?  No, there are better alternatives that will give you access to better cars and at far better finance deals – you just have to know a few things.

First off, before newly introduced legislation changes things, you can do what millions of homeowners did that enabled them to buy houses they never even came close to qualifying for – credit account piggybacking!  If you haven’t heard of this its where someone with good credit (ideally a credit score of 750 and above) adds you as an authorized user to one of their accounts (usually a credit card account) but retains all cards and control (this is to avoid fraudulent purchases and intentional misuse of the credit).  What this does is greatly help out the piggybackers credit and credit score.  Usually only one or two of these piggybacked credit accounts is enough to greatly enhance ones credit score and take them from subprime (high interest rates and bad terms) to prime with great interest rates and loan terms.

If you don’t have a family member that will do this for you, there are numerous credit repair and financial agencies that you can quickly find on Google or Yahoo that will gladly do this for a fee of around $500 per account.  They keep a small percentage of this for their percentage and the rest is forwarded to the account holder as payment for allowing you to piggyback on their account and share in their creditworthiness.  If you can do this, the $500 or so fee is well worth it as you will save much more than that in interest over the term of the loan.  Plus you will be able to look at brand new cars and have a plethora of choices available to you.  You will no longer have to ask for the credit challenged department and feel like a worthless slouch.  Now, its important to understand that we do not endorse this – we are just stating what millions of homeowners have done as of recent to acquire homes that they would otherwise never have qualified for.

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If you do choose to do piggybacking before it becomes ineffective due to recent legislation that will probably go into effect early next year, remember, depending on how bad your credit is you may need several piggy back accounts in severe cases and it is possible with judgements and bankruptcies to still fall under subprime status.  Other than piggybacking, there are first time buyer programs that numerous car companies and their associated finance companies have out there.  Basically when sales get slow, which they currently are for many domestic brands, they roll out incentives like rebates, low or zero percent interest rates, and, of course, new buyer and similar incentives.

Sometimes you may qualify for more than one incentive.  For instance are you currently an active enlisted or on leave military personnel?  Many brands like Chevrolet, Ford and others have a $500 to $1000 additional rebate for this.  When you equip several rebates and some cash down (a few thousand is usually all that is needed including the rebates) many car dealerships can and will easily find you competitive financing.  There is no reason currently for anyone to have to subject themselves to high interest rate car loans above 20% and cruddy cars that will only end up being repair nightmares.  In some cases you may need a cosigner for your loan and that is all dependent on rebates and current financing deals, your credit and steps you have taken to establish or improve it (from piggybacking to pulling your credit report and filing disputes for inaccurate entries), etc…  By following a few creative steps and looking for the best deals available to you as a first time buyer you can save big and possibly even get a prime loan and great terms.