There are vehicle eligibility requirements for buying a car when you’re in a challenging credit situation. But they aren’t there to make the car buying process more difficult. In fact, they’re in place to simplify the process and keep you on the road.

The Guidelines

What Cars Can I Buy with Bad Credit?Though specifics vary from lender to lender, the basic requirements for purchasing a car with a subprime loan revolve around the age, mileage, condition, and cost of the vehicle. These restrictions are put in place to ensure you can purchase a quality car without always having to buy brand new.

Typically, bad credit car buyers must purchase a vehicle that meets these requirements:

  • Vehicles can be no more than 10 years old.
  • Vehicles can’t have branded, salvage, or rebuilt titles.
  • Vehicles must have less than 100,000 miles on them.
  • The minimum cost for a vehicle can be no less than $5,000.

The specifics vary from lender to lender, but these are the general vehicle eligibility requirements you can expect.

The Reasons

Buying a car that falls outside these rules could end up costing you more in the long run. The fact is, lenders want you have a reliable vehicle so you’ll to be able to successfully complete your loan. Vehicles with more than 100,000 miles, that are older than 10 years, have a value that's less than $5,000, or have titles that show previous damage or salvage, are potentially costly to keep on the road.

These cars tend to need more expensive repairs sooner and be less fuel efficient than a car that fits into the basic requirements. Not to mention, vehicles that fall outside the rules are likely to be more expensive to finance because they carry higher interest rates.

Finding a Reliable Vehicle

Because people with poor credit tend to need subprime financing, it’s important you know where to look from the start. Not all dealers work with subprime financing, and you typically can’t get one of these loans directly. The best bet is to go to a special finance dealer who has these lenders available. But, since there usually aren’t big flashing signs that say “subprime here” outside of dealerships, how do you find one?

That’s where Drivers Lane can help. We work with a nationwide network of special finance dealers that have those lending resources available. They can work with people who have bad credit, no credit, or even bankruptcy and we can help take the hassle out searching for them. Simply fill out our online auto loan request form and we’ll start the process of matching you with a local dealer today!