Believe it or not, getting a new car loan or a used car loan with a bad credit score is just as easy as getting a new car loan or a used car loan with a great credit score. Well, almost. Remember, car loans are secured by the car that you are buying, so the lender is not taking as big a risk as it may seem. In addition, consumers with a bad credit score will need to put money down and to pay a higher car loan interest rate when applying for a new car loan or a used car loan. When asking for a car loan quote, here are a few tips to keep your car loan interest rate lower and your payments more affordable.

• Think about getting a co-signer to co-sign your used car loan or new car loan with you. If the co-signer has stellar credit, then you might wind up with a much lower car loan interest rate on your car loan quote, closer to an average rate. Be sure that the co-signer understands, however, that in the event of your default on the used car loan or new car loan that they are co-signing, that they will be liable for the full amount owed.

• Put as much money down as possible when applying for subprime auto loans. Rates of interest can be greatly reduced, depending upon the size of your down payment. Consider paying as much as 25% to 30% down if that’s possible.

• Work on improving your credit score. If you wind up having to accept a new auto loan or used car loan with unfavorable terms, work on making on-time payments on the vehicle and also on all of your other bills. After a number of months, you can apply at any number of lenders to refinance your car loan at a lower rate.