Is bad credit car finance or no credit preventing you from getting a car loan approved? Many bad credit car finance options are available from no credit car loans to bad credit car loans. Bad credit or no credit finance rates are often referred to as non prime or sub-prime car finance programs.
Non prime auto loans (bad credit car finance),Lenders prefer to work with "prime" borrowers; people with excellent credit that are very likely to pay off their auto loans completely and on time. Everyone who does not fit in that "prime" category would be given what is called a "non prime auto loan" also referred to as "car finance with bad credit." In most cases, a Non prime auto loan carries an interest rate somewhat higher than that given to the prime borrower. The higher the interest rate, the more interest income is generate which protects the lender for the additional risk due to car financing with bad credit. Actual size of car loan payments depends on bad credit loans, their terms and car finance or lease rates.
Non prime auto loans (bad credit car finance),Lenders prefer to work with "prime" borrowers; people with excellent credit that are very likely to pay off their auto loans completely and on time. Everyone who does not fit in that "prime" category would be given what is called a "non prime auto loan" also referred to as "car finance with bad credit." In most cases, a Non prime auto loan carries an interest rate somewhat higher than that given to the prime borrower. The higher the interest rate, the more interest income is generate which protects the lender for the additional risk due to car financing with bad credit. Actual size of car loan payments depends on bad credit loans, their terms and car finance or lease rates.
Category
🚗
Motor