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In fact, many online lenders offer bad credit auto loans with competitive rates and generous repayment terms to consider. Next steps. If you have bad credit, it may be tougher for you to get a car ...
You can still refinance an auto loan with bad credit, but getting a good rate can be difficult. Borrowers with low credit scores generally pay much higher interest rates.
The borrower then pays off the financial institution the same as for a direct loan. [citation needed] Typically, the indirect auto lender will set an interest rate, known as the "buy rate". The auto dealer then adds a markup to that rate, and presents the result to the customer as the "contract rate".
The Term Asset-Backed Securities Loan Facility (TALF) is a program created by the U.S. Federal Reserve (the Fed) to spur consumer credit lending. The program was announced on November 25, 2008, and was to support the issuance of asset-backed securities (ABS) collateralized by student loans, auto loans, credit card loans, and loans guaranteed by the Small Business Administration (SBA).
A bad credit auto loan works just like any other auto loan. The only difference is the recipient’s credit score, which impacts the terms for which the borrower qualifies.
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