subject: Bad Credit Auto Loans – Buying a Car with Damaged Credit [print this page] Bad Credit Auto Loans Buying a Car with Damaged Credit
The lenders are no more interested in your bad credit score. There are multiple offers available for such individuals and golden opportunities are being given to own the car and to improve credit score.
With the advancement in science and technology, sky is the limit to conquer. Similar are the conditions for availing bad credit auto loans. Having a bad credit will no way stop you from getting the car loan. Such incident has become a history now. The average rate of interest across the nation is 5.5% and it goes up to as high as 11%. However, people are lucky to get the loans from a base rate of 4.5% and it varies up to 7%. It is good to make use of these opportunities to build up the credit score and to fulfill your dreams. The Loan-To-Amount ratio differs from 90% to 125% traditionally. However, all these interest rates and the ratio will differ according to the lender. The interest rate might be slightly on the higher side due to the bad credit rating.
The borrowers have good chances to negotiate with the lenders to obtain better interest rates. It is good to avail lower monthly payments during the initial stages. Continuing the payment for a certain period of time will help you to improve the credit score. The individuals are eligible to apply for the refinance of car loans. The bad credit score is no more a truth and they can enjoy lower interest rates in the long run by which they can save more money. View http://www.articleloans.com/2010/11/17/bad-credit-auto-loans--buying-a-car-with-damaged-credit/
