Bad Credit Car Loans ~ Pinoy Reviews

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Tuesday, May 13, 2008

Bad Credit Car Loans

It seems that the Bad Credit Car Loans in the US has a similar financing scheme as with the regular car loans in the Philippines. In the Philippines, since there is no credit rating system, the banks apply a standard interest on loans. The banks usually just give a sample computation and interest scheme based on the amount of your down payment and how long will you be repaying the loan. Of course, the longer you repay the loan, the higher will be the total amount of the car cost.

In the US, since their interest is based on credit rating, if you have a high credit rating, they usually give you lower interest plus you don’t have to give out any down payment. People with bad credit have a somewhat similar financing scheme as in the Philippines. They have to pay for a certain down payment and interest is based on how long the repayment term is plus how bad is the person’s credit rating.

Of course there are abundant sources of bad credit Car Loans on the internet so a person with a bad credit rating doesn’t necessarily have to suffer since they can compare and shop around for dealers willing to give them lower interest rates.

1 Comment:

Lucas said...

This place does loans for bad credit, or people with bad credit. They are really good!