Those with a credit score below 579 but over 300 do qualify for a car loan, but it may come with some drawbacks. Taking a loan on low credit usually is more expensive in terms of interest rates than a regular auto loan. However, several banks, credit unions, and lenders may provide auto loans with no minimum income requirement, and some may even accept past credit-related issues. Here is how to get such loans:

1. Research well
Even with a bad credit score, one should prepare to negotiate loan terms with their lender. So, one should do some research and make a note of the auto loan rates in the market, average interest rate for those with similar credit scores, amount of monthly repayment one can afford, and annual percentage rate (APR), among other things. When equipped with this information, one is less likely to shell out more than required.

2. Determine the budget
One needs to factor in many expenses associated with owning a car, and not just the monthly loan repayment amount. This includes fuel and maintenance costs and insurance. Based on the total cost and how much one can afford to pay for a car, one should set a realistic budget.

3. Check current credit score
One should know their exact credit score before approaching banks or lenders to secure an auto loan. A score below 580 is usually considered poor. One should also work towards improving the score by sticking to a budget and making timely debt repayments.

4. Save up for a down payment
A down payment is the initial amount one pays to a dealership while booking an automobile. One can increase their chances of getting loan approval and also a good interest rate by first making the down payment. This will also lower the total loan amount and make monthly repayments affordable. Many dealers accept down payments as low as $1,000.

5. Shop around
Do not settle for the first lender who accepts the car loan application. Even with a low credit score, one should get multiple quotes and compare offers. Not just banks and financial institutions, one can also reach out to car dealerships and online lenders to enquire about their rates.