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- The maximum lenders can charge is 29.9% p.a.
- Many bad credit automobile loans are above 10% p.a.
- A bad credit vehicle loan professional may help
Why bad credit vehicle loan rates of interest are greater
Bad credit car finance rates of interest is always more than those of comparable secured auto loans.
Lenders regard bad credit borrowers as greater risk candidates. Consequently, for those who have bad credit, in that case your loan provider will think about which you have actually a greater danger of default.
To pay with this danger, your loan provider shall ask you for a greater rate of interest. It is to mitigate losses that are potential you default in your loan.