Even if a person with bad credit finances a vehicle at a high interest rate, there is always the option of refinancing the auto loan for a lower rate. Rebuilding credit takes time. Furthermore, once a good payment history with the auto lender is reported on credit reports, the borrowers score is likely to increase. Within time, he or she may be eligible for a lower rate, which may lower monthly payments or shorten the loan term.
THIS CONTENT IS FOR INFORMATIONAL PURPOSES ONLY. THIS IS IN NO WAY GIVING ANY LEGAL ADVICE OR REPRESENTATION. THE INFORMATION CONTAINED HEREIN WAS COMPILED FROM VARIOUS ARTICLES. FOR ANY LEGAL ADVICE OR REPRESENTATION SEEK YOUR OWN LEGAL COUNSEL