How Do You Get A Car Loan With No Credit Or Bad Credit?
• Understand that the interest payments of a Bad Credit Car Loan are higher than a normal one. This is because interest rates depend on the person’s credibility, and since the person already has a history of defaulting payments, the lender has risks which are covered by imposing a higher interest rate. • A Bad Credit Car Loan means that the person has a history of debt. The higher a person’s debt to income ratio is, the greater the chance of his defaulting will be. • A person taking a Bad Credit Car Loan cannot declare bankruptcy to write off the loan as in the case of credit card payments and other unsecured loans. • Understand that a Bad Credit Car Loan is made available to people who have made late or missed payments. But it is much more expensive than a No Credit Car Loan. It is also harder to get as lenders fear of default payments. Here are a few things you need to remember if you are in the market for a No Credit Car Loan. • Do open a savings and checking account. This will prov
