Bad Credit Car Loans
It isn't always cheap to drive the car of your dreams
The newspapers are full of adverts from firms offering bad credit car loans, and while the offers are genuine you'll find some nasty surprises in the small print. Interest rates can be horrific, and if the firm also provides the car you may find that the vehicle is overvalued.
Bad credit car loans are everywhere, and you'll see page after page of adverts for them in tabloid newspapers. The firms' claims are true – they will lend money to almost anybody – but it's important to realise that you will pay a premium for the car of your dreams.
If you compare bad credit car loans to normal car loans, you'll see that the interest rates can be significantly higher – which means if you're borrowing a lot over a long period, you'll pay considerably more interest than other car purchasers. Another thing to watch is all-in-one firms who not only provide the finance, but also the cars. In our experience such firms are somewhat optimistic with their pricing, and you'll often find identical vehicles at much lower prices in mainstream car dealers' forecourts.
If you desperately need a car and can't get a normal car loan, then bad credit car loans are worth considering; however, they're often one of the most expensive ways to get new wheels and it's a good idea to try the mainstream lenders first.
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