Credit Can Affect Your Life More Than You Think.

Credit, credit and credit, it is everywhere today and it is something that can affect your life more than you think

. If you have less than perfect credit history, you can easily be a victim of paying outrageous interest rates when it comes to borrowing money. It is understandable when someone has bad credit history he or she will pay higher interest compare to someone with good credit, but there is a gray area where the interest rate can vary. If you are in need of a loan, and you have bad credit history you may qualify for interest rate ranging from 15% to 22% however depends on how and who you approach you may be getting ripped off by paying the 22% rather than the 15%.

Research, research and research your options. First if you are in need of a car loan, you should find the right vehicle first. And make sure the dealer you are dealing with is an actual dealership not just a credit broker. Where a broker will make additional profit from you the customer, and pass you along to a dealer in the end. First step of saving your hard earned money is to deal directly with a dealership. Try to contact them by phone or email, and make sure someone is there to answer your questions, not just some blank email that goes to no where. You can submit your application and bargain with your dealership to see what is the lowest interest rate available to you.

The dealers will usually have a financial portal open with the banks, and they will be submitting your application to 5-10 lenders, and when they receive the answers back from the lenders they can tell you who is offering the lowest interest rate and who is offering the higher one. If you are trying to re-finance your current car loan, you must make sure the APR or interest rate you are taking on to re-finance is lower than your current one. And usually you can not get re-financed by the same lender as your first loan. You should try a different source.

by: Rick Li

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