Americans with bad credit, consumer counseling, or bankruptcy are still eligible for bad credit auto loans through online lending platforms.
Lenders who specialize in bad credit auto loans will require that you have a steady stream of income so they know you can keep up with your monthly payments. You will pay a higher interest rate because they take on a higher risk in lending you money. You can help offset this risk by insuring the loan or paying a large down payment to reduce the principal.
A car loan with bad credit involves borrowing money from a lender in order to finance a vehicle.
Car financing for bad credit is for people with bad credit and is usually more dependent on income level and loan terms than credit.
Car loans for bad credit are risky because you might be dealing with less favorable terms. You should also be wary of lenders who target people with bad credit. Below, we detail how your credit score is calculated, car loans with bad credit, and things to look out for when financing your new car.
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