| As some of us have unfortunately learned the hard | | | | payment anywhere from 15% all the way up to %50 |
| way, having a bad credit score can really make some | | | | of the price of the car that you're looking to buy. |
| things hard or nearly impossible. Some of these | | | | This could dramatically change what type of car you |
| include getting a personal loan, securing a decent | | | | can drive off the lot with, so be sure to have it in |
| mortgage, getting approved for a cell phone plan and | | | | mind as you begin shopping around. |
| what I'd like to talk about in this particular article, | | | | The second thing is that your interest rate (or APR) |
| getting a decent auto loan. | | | | is going to be higher than a normal loan as well. This |
| Getting an auto loan with bad credit is nothing new | | | | should come as no surprise as I said; you carry much |
| and is actually probably much more common than | | | | more liability to the lender than a normal person with |
| you would think (lots of Americans have bad credit | | | | good credit. Where you can now find a loan with 0% |
| problems). But, before you go try to secure one | | | | APR (interest rate over the length of your loan) if |
| there are a few things that you should probably | | | | you have great credit, you will be more likely to see |
| prepare yourself for as you begin your search. | | | | an APR more in the range of 5% to 15%. |
| The first thing that you should realize is that many | | | | Finally, the amortization schedule, or length of your |
| bad credit auto loans are going to require much more | | | | loan, will most likely be substantially shorter now that |
| of an upfront down payment than you would ever | | | | you have bad credit, so this will also make your |
| see with a normal loan. This is because the lender | | | | payments higher, too. Where a normal auto loan will |
| needs to minimize your risk as much as possible so | | | | give you payment options up to sometimes 5 years, |
| the more that you can contribute, the better they | | | | you'll rarely see a bad credit auto loan for longer than |
| feel about loaning you the rest of the money that | | | | 2-4 years. |
| you need. You should expect to have a down | | | | |