If you have bad credit, the lower your credit score, the higher the interest rate
you will pay. There are lenders out there that specialize in B and C loans, but we think the best way to find a lender is online
through services like E-LOAN or Lendingtree. This way your credit is pulled once and you are matched to up to 4 lenders. Although
this is not a guarantee that you will get a loan, certain factors surrounding your bad credit were looked at and there is a
higher chance that you will find a lender who has a program to meet your needs.
The only way to improve your situation is to pay the loan in a timely manner, as well as all your other bills. In time your credit score will
go up and you will qualify for a better rate.
If you have bad credit STOP applying for credit too often, no more than a couple times over a two year period. This also lowers your score.
Watch out for hidden fees on these types of loans. There are front end points (origination fees) and back end points(fees) which are often hidden in the paperwork. A good indication is the difference between the APR and Note Rate. If there is
a big difference between the two, you may be paying hidden fees.
Do not have too many open credit accounts; car loans, credit cards, furniture store loans etc...This will all impact the final decision on your loan.
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