Are there upfront fees with car loans?
April 22, 2020What are the bad credit car loan interest rates?
April 22, 2020Bad credit car finance is used to buy a car when you have credit defaults. Certainly, credit reporting and credit issues indicate risk factors with a loan application. Therefore, when you have credit defaults on your credit file a lender will assess the higher risk against a range of policies and factors. Traditional lenders require a higher credit score which is not possible when you have bad credit.
Car loans use the vehicle for the loan security. Therefore, in the event of a loan default the lender would sell your vehicle to recover loan funds.
It is essential to understand and research your options when using finance to buy a car. Hence, see the money smart website for information on car loans.