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

[Rafael Meyer]

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.