So I visited a car dealership recently and got denied for a loan but I really need transportation ASAP. Rideshare costs are draining my wallet. I’ve been staying away from those dealers that handle their own financing but it might be my only option now. What should I watch out for if I go this route?
Edit: Appreciate the feedback, seems like dealer financing isn’t the way to go. Still need wheels though so I’m considering a personal loan to buy something outright with cash. Thinking I might qualify through Quick Cash and even with higher rates it’s probably smarter than dealer terms.
Quick Cash and similar lenders want debt-to-income under 40% and decent payment history, even with trash credit. If traditional auto financing already said no, personal loan approval is a coin flip. Here’s the real problem: unsecured personal loans cap at $35k-40k for most people, often way less with poor credit. You might only get $5k-10k, which really limits your car options. Before going that route, try smaller banks where you already bank. They’ll sometimes approve existing customers when the big players won’t. Also consider a cosigner for the auto loan - rates drop massively with decent credit backing you. The difference between an 8% auto loan with a cosigner versus a 22% personal loan is huge over time. If you’re stuck with personal loans, buy the cheapest reliable car you can find and pay it off fast. Every extra payment saves serious money at those rates.
Personal loans for cars can work, but the math gets ugly fast. Quick Cash and similar lenders typically hit you with 15-25% APR based on your credit. That’s brutal for anything over 2-3 years, but if you’re buying something cheap and can knock it out quickly, it might beat dealer rates.
Big advantage: you’re a cash buyer, which gives you serious negotiating power. Private sellers especially love cash deals. Just factor in origination fees and prepayment penalties when calculating total cost.
Honestly though, with lending tightening up lately, personal loan approval isn’t guaranteed if traditional auto loans already rejected you. I’d hit up credit unions first - they’re often more flexible than banks and their rates usually crush online lenders. 
Credit unions are worth checking out before personal loans. My friend got turned down everywhere else but scored 12% at a small local credit union when online lenders wanted 20%+. You’ll need to become a member first though - takes a few days. If you go with Quick Cash or similar, make sure there’s no prepayment penalty. Some let you pay early without fees, others hit you hard. Watch for origination fees too. If rideshare is bleeding you dry, even a sketchy dealer might be worth it to stop the damage. Sometimes you pick the least bad option. Read everything twice and don’t let them push extended warranties or gap insurance on cheap cars.