Bad Credit Car Loan Interest Rates
Bad credit car loan interest rates range anywhere from 7.99% p.a to 29.99% p.a. A range of factors are taken into account by the car loan lender when deciding on the car loan interest rates they will offer you as a client. You must understand, from the car loan lender's viewpoint, it is rate for risk, so the bigger the credit risk they see your car loan application profile, the higher the car loan interest rate may be.
Although a lot of clients get turned off straight away when they hear what kind of car loan interest rates they may receive as a sub-prime or bad credit car loan client, unfortunately you have to start somewhere, and there are not too many car loan options available for a bad credit car loan borrower. The good part is, by taking a bad credit car loan at a higher interest rate today, you may be approved for a lower rate car loan in the coming years, once you have proven that you have a good repayment history on your current car loan, or any other loan for that matter.
Once you have been given this second chance car loan, and you are able to conduct your loan history perfectly, your next car loan will be at a lower car loan interest rate. You have proven yourself to car loan lenders that you are in fact a good car loan client. You will definitely have a wider range of car loan options open to you, allowing you to receive a more competitive car loan interest rate.