If you’re one of the millions of Americans whose credit score could use some improvement, you might have trouble getting financing for certain vehicles. Some cars simply don’t have the same resale value down the road as others, and that can make them less attractive to lenders. Other vehicles hold their value extremely well, and that’s a great thing when it’s time to get a car loan. The best thing is this: some of the best cars are great for financing with bad credit. It might not be a surprise that the vehicles with high resale value are some of the best cars for financing with bad credit. It makes sense – the lender sees less risk when the car retains its value over time. And that’s a good thing for you as well. Your car will be worth a fair value when the time comes to sell it down the road. Wondering which cars will prove less troublesome when you apply for auto financing? We have five of the best cars to get approved for an auto loan when your credit is less than perfect.
Five of the Best Cars to Finance with Poor Credit
Of course, Toyota cars and trucks are top in resale value. That’s no surprise. The Toyota Corolla is an extremely reliable vehicle with low cost of ownership. Because of that, it’s a popular car among used vehicle buyers, keeping its value high. Lenders see it as a good thing, and that keeps the loan risk low. It’s one of the best cars to seek out when you have credit trouble.
You can get a Honda Fit at a reasonable price, both new and used. It’s available in trim levels that can be frugal or well-equipped with great technology. Not only is the Honda Fit an exceptional value off the start, but it keeps its value high over time. Over 36 months, the Honda Fit retains 46.8 percent of its fair market value, better than any other subcompact car on the market.
With its stylish looks, cult following, and standard-equipment Symmetrical All Wheel Drive, the Subaru Impreza is a fantastic car. It’s also a great performer, especially in inclement weather conditions. Choose the Subaru Impreza for one of the best cars on the market, whether or not you have bad credit. It retains 47.6 percent of its fair market value over 36 months.
The full-size sedan category isn’t as popular as it once was, but the Nissan Maxima is still a great value. When you need more space, great trunk capacity, and a comfy ride, it’s a good choice. Over 36 months, you can expect the best car in the full-size segment to retain 42.8 percent of its fair market value.
Honda Accord Hybrid
When you need a green alternative, the Honda Accord Hybrid does the trick. With up to 48 mpg, you’ll be spending less on fuel while keeping your resale value high. Its 36-month resale value is 42.7 percent of its original fair market value, so it’s a smart decision to make.