Who Is a Sub-Prime Borrower?
A Sub-Prime borrower is someone with bad credit. In many cases, traditional lenders reject sub prime borrowers. This is due to low credit ratings and/or factors suggesting they may default on loans.
Who Is a Sub-Prime Lender?
A Sub-Prime lender is a lender offering loans at a rate above prime to those who do not qualify for prime loan rates. These types of loans have a higher interest than the prime rate offered on traditional loans
Is a Sub-Prime Loan Right For Me?
Auto loans for people with bad credit allow you to buy a car, even with a bankruptcy or foreclosure in your record. Sub prime lending allows you to secure financing, usually with reasonable rates and terms, and you always have the option of refinancing in the future as your credit history improves.
A common misperception is that if you have bad credit, you will pay several points higher for an auto loan. Not true. Most sub prime lenders will only charge a couple of points higher. Their fees will also be comparable to conventional loans.
To find these low rates, you need to do your research. You have hundreds of lenders to choose from, so pick the best one. Financing companies will give you quotes at your request so you can make comparisons. Online sites can really speed up this process.
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