How to get a low-interest rate car loan with bad credit?
If you need a low-interest rate car loan, but your credit isn't ideal, your financing terms can be pricey. Lenders use credit scores to determine the possibility that you'll repay your loan; the lower your ratings, the greater the risk they perceive incurring. Lenders will often demand a higher interest rate to cover that risk. Due to their heightened risk of loan default, banks, credit unions, and other types of lenders regrettably occasionally turn down applicants with poor credit ratings. However, it doesn't mean that having poor credit makes it challenging to obtain a vehicle loan.