If you need an car loan right away and are worried because you have bad credit, then relax, because there are plenty of online banks that are making loans right now, to people whose FICO scores are most likely a whole lot worse than yours.Why did I say, “online lenders”?Well there are lots of land-based lenders that will probably give you a loan, but the online ones will almost always give you a far better deal because of the cutthroat competition.Having emphasized that you’ll almost certainly get a better deal from an online lender than a land-based one, I should perhaps add that you shouldn’t expect to get the preferred interest rate that somebody with a five-star credit rating will be offered, because you definitely won’t be.The essential thing to do if you want to get the best online auto loan, or any other loan for that matter, is to carefully check out numerous banks, and I mean “numerous’, and not just two or three of them. Please don’t be like the majority of people with bad credit that are so happy to be offered a loan at all, that they jump at the first one that’s offered.Moreover, don’t just check the interest rates, but check the monthly payments too, because by doing so you’ll quickly become aware as to whether or not there are hidden charges. If the interest rate is lower, but the monthly payments are higher, then the hair on your neck should stand up, and you should find out what’s causing the inconsistency.What’s really neat about applying for a loan on the web, is that it seldom takes more than a few minutes to fill in a form, and after you’ve filled in several of them, then you’ll normally get replies within 24 hours. Moreover, keep in mind that with hardly any exceptions, that it costs nothing to apply for an online loan, and that you’re also under no obligation to accept what’s offered you.Now let’s consider the advantages of making your car purchase, after you’ve already received loan approval.The most common scenario is that someone with poor or bad credit goes to a car showroom and completes a loan application. After the reply comes back, he or she gets offered a choice of just one or two cars that they’re qualified to buy, and because they generally feel so lucky to even be offered a loan, they take a car that they don’t really want, and they don’t even check the cost of the loan.Compare the above with going into a showroom when you’ve already qualified for a loan, knowing exactly how much you have available, and how much the loan is going to cost you. Apart from the added confidence it brings,it also means that they’ll be a greater number of cars available to you, and you’ll also be in a much better bargaining position.The differences between the two experiences is night and day, with the second one being a different world completely.A small note of caution would not go astray here, and that’s that whilst it’s always smart to check the details of any document that you sign, it even more important in the case of a loan to someone with bad credit. The reason for this is that whilst you’ll get lots of loan offers, the costs will vary greatly, and some of the deals will be verging on usury.So don’t be lazy, and don’t feel that you’re in a desperate situation because you’re not, and if you’ll spend just a little extra time getting the right loan, and then continually make regular payments, you’ll not only end up with a car that’s yours, but you’ll also improve your FICO score at the same time.