A signature loan is a loan in which you don’t have to put up any sort of collateral (unsecured loan). These loans are usually more difficult to obtain than ones that are backed by collateral. Therefore, when getting an approval for one from a financial institution they will look towards your credit score. Your credit score should be a minimum period of three years. Each bank is different when analyzing the credit score of potential borrowers. If your one late payment on the car did not hurt your credit score too bad, you will be fine. However if your credit score is bad there is still a chance for you to qualify for a signature loan. This depends on your long standing relationship with the bank among other things. If you have an employment history of 2 years, have a current job, and have no outstanding debts on your credit cards for the past six months you will still have a good chance of qualifying for the loan.