Bad Credit Scores And Bad Interest Rates

While getting a car can be convenient to the one who got it, paying monthly bills is a pain in the pocket, especially if you have a bad credit history which can end you getting bad credit auto loans instead of normal ones. And that is of course only the start of the problem if your application is somehow approved by the company that offers bad credit auto loans, which, for the most part reject loans if the applicant has really bad credit scores. Also the only difference between good auto credit loans and the bad auto credit loans are the interest rates. The bad one has higher interest rates compared to the good one and the companies can be a little strict about the due date.

The Bad And The Ugly

This is the part where your past haunts you in a monthly manner. Depending on how bad your credit history and credit scores are they will be affecting the raise in your monthly interest rates, also compared to the normal loan which has low deposits, bad credit deals usually ask for up to 50 percent in deposits. Also if you just bounced back from bankruptcy don’t expect to get new car models, and you will probably be asked to pick up a lesser or a more convenient to your budget. And don’t forget the most important thing when going to these car loan companies, you must have a job that pays $1500 or more and you have worked there for more than three months.

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