You may not have heard of one of the new and popular loan types called a bad credit auto loan. If not, you are missing out on a great deal if you have bad credit or slow credit. A bad credit auto loan is the type of loan that is offered to people who don't have the best of credit scores. Almost everyone has a time in their lives - often because of illness, job loss, or something else that really isn't their fault - when their credit rating slips a bit. Maybe you've had a vehicle repossessed, accounts that went to collection, or just late payments. Sometimes, bankruptcy must be filed in order to get out from underneath a pile of debt.
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When things like this have happened, it's almost a sure thing that something is going to come up, and you are going to need another car. Isn't that the way life always seems to be? Luckily, these car loans for people with bad credit are easy to find online. Caveat emptor! (Let the buyer beware!) You will want to be very careful when choosing a loan company. Most of them are reputable and quite honest, but a small percentage of both the online and offline loan companies could perhaps come close to fitting the description of a loan shark, like the ones you see in the movies! Their loans are given at rates of interest that are way too high for even a bad credit loan. These companies are not the most pleasant people in the world to do business with, either! What they are doing is just cheating people out of their money.
What you should do is first look around at cars for sale, in your area or online. See if you can get a figure in mind so you can estimate about how much it would cost you to purchase the car that you want. Then, get online and do some research. Find several bad credit auto loan companies, and compare them. Is it free to apply? It should be! Who has the lowest interest rate? Are you under any obligation if you ask for a quote? How long do you have to wait once you apply before you know whether or not your loan has been approved? These are just some of the questions you should ask yourself before you take the plunge and decide which loan company you will go with.
Remember, for a secured bad credit auto loan, you need collateral. You'll have a lower interest rate and a longer time for repayment, but if you default on the loan, you will lose your collateral. An unsecured bad credit auto loan will have a higher interest rate as well as a shorter time to pay off the loan. Of course, the "collateral" so to speak, is the car itself. If you default on the payments, you will lose the car. The choice is yours as to whether a secured or an unsecured bad credit auto loan is best for you and your circumstances.
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