Bad credit car loan interest rates range anywhere from 7.99 % to 30%.
A range of factors are taken into account by the lender when deciding on the rate they will offer a client. You must understand form the lender’s viewpoint its rate for risk, so the bigger risk they see your profile as the higher the rate.
Although a lot of clients get turned off straight away when they hear what kind of interest rates they may get as a sub-prime client, unfortunately you have to start from somewhere again and there aren’t too many options and this is a way to move forward to improve your credit worthiness.
Once you have been given this other chance and you are able to conduct your loan history perfectly, the next loan you would be able to achieve would be much better as you have proven yourself and most lenders don’t want to be the first lender that takes on the risk to see if you could prove yourself again, but once they can see that you have redeemed yourself, then a wider range of options are open to you, allowing you to get competitive interest rates again.