Most of us live in places where getting around is mandatory. Public transport works in some cases, but is deficient in most cities. This means you need a vehicle of some sort. The question for many is whether you can get them with bad credit and, if so, the consequences of doing so.
Having perfect credit used to be something many people could claim. This is no longer the case. The last three to four years have seen the demolition of so many credit scores it isn't funny. From losing homes to losing jobs, millions have seen their credit take a beating. The immediate effect has been obvious, but there is a more subtle impact as well. Getting loans is going to cost you much more than it did previously.
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There is a misconception about how credit works when it comes to buying a vehicle. Bad credit will not help you get a loan. That is a rather obvious statement. That being said, it usually will not prohibit you from doing so either. The risk associated with car loans for lenders is much less than that associated with a home loan. Why? The amount of the loan is much smaller and the length of the loan in years is much shorter. As long as you have a steady job, you can often get a loan with bad credit.
Bad credit loans, however, come with a scary price. What is it? Interest rates...high interest rates. You can expect to pay at least a couple points more than a person with good credit. The exact amount will depend on your situation, but you can count on it being high. This can scare a lot of borrowers off, but should it? The truth is high interest rates are not as big a deal with car loans because the total interest you will ultimately pay on the loan will not be huge. Check it out for yourself. Grab an online loan calculator and run a comparison between the total interest you will pay on a "normal" loan and a bad credit version. The difference will not be particularly large.
Getting a loan with bad credit can seem a bit scary, but it doesn't have to be. The total payments you will make will be more than a traditional good credit loan, but not horrifically so.
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