17 May 08 Bad Credit Auto Finance Answers
Bad credit can severely affect your ability to obtain most kinds of credit or loans. Car loans however, can be somewhat easier. The reason being; is that the auto finance company will probably place a lien on your car as collateral. Therefore if you default on your loan, they can repossess your vehicle. The benefit to the consumer is their ability to establish new credit or rebuild bad or damaged credit, while driving the vehicle they need. The benefit to the dealer of course, is he gets to sell more cars. It’s a win, win situation for everyone, as long as you make your car loan payments.
Find out what your car loan payments would be using this auto loan calculator.
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