Bad Credit Car Loan Myths Debunked
March 2nd, 2010 by admin
Myths Debunked…
Down Payments
One myth about bad credit auto financing is that there are only loans available if you have money to put down. This is a myth. Not all loan companies are going to require you to put down a down payment.
Interest Rates
It’s a common myth that interest rates are always very high with these sorts of loans. While yes, you do usually pay more in finance rates than someone that has good credit, it’s not always the case that you have to pay an outrageous amount.
Indirect Lenders
Many sub-prime lenders only offer auto loans through car dealerships. This means that if you do get approved to get a loan through them, you will have to purchase your vehicle form a car lot that they do business with and offer loans through. It’s a myth that you can just walk into a brick and mortar business and get a loan with bad credit. You’ll have to deal through their network and get approved to buy a car through one of the companies that they offer their services through.
Closing Comments…
While having credit problems can put you in a tough situation, it’s not the end of the line and there are some services that are happy to provide assistance to you. Don’t think that you have to cower down and settle for something that is going to be more than you can afford. Take your time, make an educated decision about your purchase, and you’ll be able to get more for less.
Peter Thompson, Author
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