Bad Credit Loan — How to Get the Best Interest Rate
Bad credit loans are in high demand. And if you do any research on bad credit loan, youll find plenty of advice on how to get the lowest interest rate. Youll also find plenty of people willing to give you a bad credit loan, but youd be making a mistake to accept it.
Unfortunately, most of what youll find approaches the problem from the wrong direction. The way to get the VERY best interest rate on a bad credit loan is usually overlooked or concealed altogether.
But before we continue, lets digress briefly and look at how significantly the higher rate for a bad credit loan affects the borrower.
Lets say you want to buy a house, but have bad credit. No matter how diligently you shop for a lender, youre still be charged a higher interest rate for a bad credit loan than if you had good credit.
With good credit, you might get a mortgage loan at 6% interest. But a bad credit loan will cost you closer to 12%. Assuming you get a $100,000 mortgage over 30 years, the difference youd pay in interest amounts to a monstrous $154,461.60 MORE because you have bad credit. Thats over 1 times the loan...
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