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Thursday, June 25, 2009

Bad Credit Loan Rates - What to Expect If Your Credit is Horrible!

Since you have bad credit we already know that getting a loan is never easy, but do you know what to expect as far as your rate? Depending on what type of loan you get and what it will be used for will determine how high of a rate you end up with and how much you really end up paying for your loan. Here are the normal bad credit loan rates for home, automobile, and personal loans.

First, with a home loan you are going to be looking at at least double what the normal home loan is. This is due to the risk that the lender is taking with you. They will also probably only be willing to lend you between 75% and 85% of the value of your home. This is due to the fact that you are a high risk and they want to make sure that your collateral, your home, will cover the amount you owe if you default on the loan.

Second, when it comes to bad credit loan rates for automobiles it depends on where you go. If you are able to get approved through a dealership you will pay a lower rate than if you get approved at other places. This will still be much higher than if you had good credit and can be as high as 21% in some states. If you go to a buy here pay here lot you will pay the state maximum for your automobile loan.

Last, there are also bad credit loan rates for personal loans, which include the cash advance loan as well. This is going to be a very high rate and will probably be at least 15%. Most of the time, especially when it comes to the cash advance loan they will charge you as much as they are able to legally so that they make their money off of you fast and easy.


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