Bad Credit Car Loans

Credit score with a toy car on stack of money
In this poor job market, finding and keeping a job is of the utmost importance. Given the fact that many cities and suburbs lack of an adequate public transit system, most people need a vehicle and rely on that vehicle to make a living—regardless of how good or bad their credit score is. That’s why the demand for bad credit car loans is so high.

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Due to the housing market collapse, millions have seen their credit score melt away when their homes were foreclosed on. However, given the nature of underwater assets and the financial liability of retaining an upside-down home loan, many of those who experienced foreclosure did so voluntarily. As a result, they are not necessarily risky borrowers.

Many auto loan lenders realize that and are pioneering the lending industry by granting bad credit car loans to those who have defaulted on their home in recent years. Consequently, those with a poor credit score may find that obtaining car financing is slightly easier than anticipated.

While interest rates will likely be higher than they would be for a prime borrower, taking out a bad credit loan at a high interest rate beats being prohibited from taking out a loan altogether. That’s particularly true when a borrower has to have a vehicle to drive to and from a job.

If time is not pressing, however, a borrower may want to consider taking the necessary steps to improving their credit score before financing a vehicle.