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Misconceptions About Bad Credit Auto Loans

There are so many things about bad credit auto loans that most folks are confused about or have no knowledge of. The aim of this guide is to guide and informed all who have being misinformed about bad credit auto loans.

Approval

The greatest misconception that most people have about bad credit auto loans is that bad credit auto loans are given to all who have bad credits. However, if the truth be told, when it comes to financing people with bad credit auto loans, only those who have bad credit scores that  is above 400 is eligible and qualified to take up bad credit auto loans.

Interest Rates

Most folks are of the opinion that bad credit auto loans are accompanied with high interest rates and stiff repayment terms and conditions. Frankly speaking, if the truth were to be told the interest rates that one pays on a bad credit auto loan are proportional and dependent on his credit rating or score. As an individual who intends taking up a bad credit auto loan, I would recommend that you should ensure that your credit score is at least above 400 before doing so, to prevent the lender from charging you a high interest.

Duration

Bad credit auto loans do not have fixed repayment duration. As an individual who intends taking up a bad credit auto loan, you can always negotiate the repayment duration with the auto lender. When it comes to negotiating repayment, having a fairly high credit score sure does helps a lot.

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