Bad Credit Car Loans Warren MI
White Pigeon, MI
Grand Rapids, MI
Traverse City, MI
Bad Credit Car Loans
Bad Credit Car LoansAuthor: Peter Gitundu
Getting a loan while your credit score is bad is no easy task. The problem is compounded by the fact that there are so many firms that would want to work with you. Discerning the genuine ones from the fake ones is no easy task. If you desperately need to buy a car but your bad credit report puts you off, this is the time to look into the various web sites of lenders who work with people who have poor financial records.
Keep the idea of borrowing from a bank aside because most of them are not willing to work with 'messed up' people financially. Your next best option in this case would be to look for auto loan brokers, who are willing to finance your car project. These brokers normally fall into two categories of lenders; sub prime and hard money lenders.
A sub-prime lender charges an interest that is reasonable, both to the eyes of the borrower and to him as well. This clearly tells you that he is genuinely out there to work things out with you and to help you get what you want despite poor financial records. The interest is charged on the basis of the severity of the records.
On the other hand, a hard money lender charges high interest. His argument is that he is not so keen on the details of your records and he is just out there to lend you money for 'your own sake'. The interest covers up for the debt you leave behind incase you choose to default payment. A hard money lender will also require you to give him some collateral for the loan.
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