from youtube

Bad credit loans appear to be a hot topic these days. In fact, if you require a bad credit loan, you are likely to find an overabundance of information.

Sure, you can get a bad credit loan easily enough. But you will “pay through the nose” when it comes to the interest rate.

So “What’s the ‘big deal’ about paying a little higher rate?” you ask. Let’s look at a few figures.

Suppose you wish to buy a car. After looking long and hard, you find the “perfect” car for $20,000. So you apply for a car loan and get a loan with no trouble, but because of your poor credit, you’ve to pay 20% interest. On a 60 month loan, your monthly payments will be $529.88.

Now if your credit were very good, you might have gotten the same 60 month loan at an interest rate as low as 10%, with monthly payments of $424.94.
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