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1. Vehicle 2010 to 2017.
2. Mileage should be 85,000 miles or less.
3. Your income should be at least $1,800 per month before tax.
How Bad Credit Can Affect Your Car Loan
A poor credit score rating is always going to translate to a larger monthly payment on an approved auto loan. This effect apply's not only to vehicle financing but homes and . credit cards as well. Lenders charge a higher interest rate to those with a lower credit scores or limited credit histories in order to offset the high risk associated with lending. The more money they make upfront from those interest payments will help to minimize their loss in the event that the borrower stops paying and the lender is stuck owing the remainder of the principal loan balance on the automobile. The higher the risk for the bank, the higher the monthly payment for the borrower. This is especially true for bad-credit auto loans.
The following table will give you a better understanding of how a lower credit score translates to higher interest rates (Annual Percentage Rate) and higher monthly car payments:
As you can see, your credit score . & history can affect the APR on your auto loan, either increasing or decreasing your monthly cost and overall interest payment.
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