With bad credit you may not think you have too many options. The truth is that you probably have more options than you think, and it is possible for you to quickly get the loan you need without getting ripped off.
While most people turn to "bad credit lenders" when they desperately need a loan, that is probably not your best option. If you are buying a car, for example, the rate that they give you could be as high as 27 percent. At the time you may not care because you are so relieved that you found someone to lend you money. But let me let you in on something. That is what bad credit lenders are hoping for.
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They prey on people who make decisions on emotion rather than logic, and are able to get away with robbery. Just think, with good credit you can get the same exact loan at a 7 percent interest rate. But just because you are desperate, you end up signing a contract for a loan that is four times higher than what you should be paying.
That means a $15,000 car could end up costing you over $30,000. Unfortunately that also means you owe more money than your car is worth. If a year or two from now you need to sell your car, you won't be able to find a buyer that is willing to pay what you owe on the car.
Maybe you'll get $5,000 for your used car, but you'll still owe $20,000. That means you need to come up with $15,000 out of pocket just to sell your car. Otherwise you can't transfer the title and you are stuck with paying for a car that you don't want.
The answer to this is to quickly increase your credit score. Lenders make a decision on how much money they are going to lend you and at what interest rate by looking at your credit score. All they see is that number the computer gives them and the items on your credit report.
By removing the negative information on your credit report and adding positive information, you can quickly increase your score and get the loan you need at the rate you want. While it is common to pay as much as $3,500 to have a credit expert increase your credit score, that is not necessary.
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