This is where your credit score affects your bad credit auto financing. The lower your score, the higher the interest rate you can expect to pay. For subprime lenders serving consumers with FICO scores between 501 and 600, the average interest rates for new and used car loans are 10.58% and 16.56%, respectively, according to our friends at Experian. If your FICO score is in the 350 to 500 range, expect subprime lenders to offer interest rates averaging 14.20% for new cars and 20.30% for used cars. No one is going to tell you that a 20% interest rate is low. However, it is lower than the rate you’d find on a credit card aimed at the same audience, and way lower than the APR for a payday loan, where triple- and quadruple-digit interest rates are common. The 13 loan providers reviewed here offer instant approval auto loans for bad credit that can put you behind the wheel of your next car. They will give you an instant decision at the preapproval stage, and a quick final decision once you complete the credit application process. Funding is fast, too, with funds available as soon as the same day.