You need a loan to buy a car but waiting for your poor credit record to become impressive. Truly speaking, there is no sense in waiting for your credit score to improve and then take a car loan. It is not possible for you to better your credit record overnight. Rather you can take a bad credit history car loan to finance your car purchase.  Consider interest only mortgages as first charge lending against your own home is cheaper money because its lower risk for the lender.

Being especially designed, a bad credit history car loan remains available to the borrowers having bad credit record. Factors like County Court Judgment's, arrears, bankruptcy etc. do not work as stumbling block in the way of bad credit history car loan. So, you have all the chance of getting approval for this loan.

However, some lenders may charge high interest for a bad credit history car loan. They may not be agreeing to offer the loan with favourable terms too. But if you offer collateral then things will be different. The collateral guarantees that the lender will have his money back, though you fail. So, he agrees to offer the loan with favourable terms.

Problem arises when you apply for a bad credit history car loan and you do not offer any collateral. In this kind of loan, the lender has no material assurance to recover his money. He compensates the risk he undertakes by charging high interest and keeping the terms in his favour.

To prevail over this problem you have to shop around and make comparisons. Use the Internet and take quotes from various lenders. Compare the different packages offered by them and find out the one that offers the most suitable terms. Finally, apply through them to enjoy a hassle free bad credit history car loan process.   Your other options include borrowing against your own home in the form of a secured loan.  If your have a commercial property check out a broker who can tell you about commercial mortgages.