Not everyone has great credit. However, most people still need help to buy a car in the form of an auto loan. So what do you do if you have bad credit and need a car loan? Luckily, you can apply for bad credit auto loans and compare multiple offers. Here’s what you need to know.
A bad credit auto loan is simply a regular auto loan with some adjustments based on your credit. Usually, the major adjustment between a good credit auto loan and a bad credit auto loan is the interest rate. As your credit score decreases, lenders tend to charge a higher interest rate for auto loans. Credit scores are used as predictors of the likelihood of a person making their payments on time. Since lenders take a greater risk lending money to people with lower credit scores, it makes sense they charge more money to cover the risk of nonpayment.
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