High risk car loans, sometimes called "bad credit auto loans," or second chance auto loans are car loans made to customers who have either no credit history, a FICO score below 620, or other blemishes on their credit report that would cause a conventional lender to turn them down.
Unlike conventional lenders, banks that make high risk car loans look for a way to get you approved, not for a way to turn you down. But because these banks loan to people with bad credit, the interest rate is much higher than a conventional loan. Just remember that if you pay this loan on time, the interest rate on your next conventional car loan will likely be lower because of an improved credit history.
At Auto Credit Express, we specialize in helping people who need high risk car loans get approved. Why do we do this? There are a number of reasons: