Internet surfers with bad credit looking for an auto loan are
bombarded with advertisements most days. Many of these ads are
truthful in their bad credit auto loan options. However, there are
many things to avoid, and this article will describe some of those.
Directly financed auto loans for people with good credit are a bit
different than those with bad credit. People with bad credit are
expected to pay more of a down payment as well as a higher interest
rate on their auto loans. Many creditors won’t even extend an auto
loan to those with bad credit. Depending on how bad someone’s credit
is, auto loans can range from a 20 – 50% down payment requirement,
interest rates from 5-26%, and amortization (the length of the loan)
anywhere from 2-4 years.
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