Your credit record is one of the most important considerations when applying for a loan. Lenders are keen on checking how you fared with your past loans as an indicator of how you will perform should they give you money to buy a car. If you have kept up regular payments on your old loans, then you should get a high rating. This will open the gates for fast approvals and low interest rates. However, you will not get the same amount of goodwill if you have a bad credit rating from delinquent loans. You may still be able to get bad credit car loans from some lenders but these will come with higher interest rates than usual.
For some people, the interest rate will be more than they are willing to pay. It’s possible to look for other sources of car loans instead of biting the bullet. Maybe you will be able to see other lenders that offer a reasonable rate despite your current record. If not, then you may choose to wait for a year or so while you improve your credit score. Honor all of your current loan payments and never miss a payment deadline. In time, your score should improve such that lenders will look more favorably at your next bad credit car loans application. Your hard work will pay off with lower interest rates.