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The term of “Bad Credit” is used to describe the situation of having a bad credit past with traditional lenders,such as,going bankrupt,low amount of income, not paying on time etc. Most of finance sources do not lend to such people.
Bad credit Auto Loan is the type of auto loan introduced for people with bad credit score.In this case,Auto Loans are initially funded by the automobile dealer and then sold to a finance company. Bad credit auto loans are known for being excessively expensive due to high interest rates.
Important : Before you apply to a bad credit auto loan provider, check your credit score and make sure if it is really bad.You can check your current credit score at annualcreditreport.com
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