Can't Get Credit Try Getting a Bad Credit Auto Loan (cont.)
Contributed by Annie Bauers
The interest rate you will pay on a loan like this is going to be much higher than it would be on a normal car loan. What is important is that you take time to shop around for a loan because even just a few points in lower interest rate will save you a lot of money by the time you are done paying off the loan. If you make all of your payments on time you can reestablish your credit and lower interest rates will be in your future!
If I get a bad credit auto loan will this look bad on my credit report?
Your credit report already looks bad so if you make all your payments on this loan on time it will actually help it look better! If the loan shows up on your credit report and it shows all of your payments are being made on time every month your credit score will begin to build back up. When you build your credit score you can secure a regular auto loan in the future and you won't have to get another loan with such a high interest rate. If you have to get one of these loans just make sure you do the right thing and make those payments on time.
