There are numerous myths about bad credit car loans. They are used to put people off getting an affordable deal and the car that they need. Find four of the main myths debunked.
Myth: There is no way you can get a car loan if you have problems paying off other loans.
Fact: Bad credit car loans are readily available from many different lenders. Given the recent financial crunch, more and more banks and credit unions have started offering more affordable financing options to people with problems in their credit history.
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Myth: A short term bad credit car loan is more expensive.
Fact: The shorter the term of the financing is the more affordable the deal is. When you are able to repay the entire sum plus interest more quickly, you save on interest that would be charged if you have a deal with a longer term. Still, a short term deal may not be more beneficial for a person with bad credit, as the monthly repayment installments are higher.
Myth: There is no way to negotiate the interest down.
Fact: There are borrowing programs, with extension and refinancing options, which give you the opportunity to renegotiate the interest after a set period of time. If you have managed to improve your credit score by this time, you will be able to lower the interest, at least to an extent.
Myth: You cannot do anything to improve your credit score when having such a loan.
Fact: Provided that you may payments on time, this form of financing can only boost your credit score. However, it takes more effort to get a major improvement. You need to repay all of your debt on time. This includes credit card and utility bill payments.
Now you have better understanding the options you have, when looking for and using bad credit car loans. Things are not as bad as they may seem, when you are prepared for the challenges ahead.
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