Who gives auto loans to people with bad credit or no credit?
Lots of places offer loans to people with bad or no credit. First off try the dealership itself. They sometimes offer in house financing which means they will carry your loan instead of going through an outside bank or finance company. The interest rate is normally considerably more then that of the bank or finance company because the dealership will have lower standards then these institutions. Another reason for the rates being higher is that the dealership is now taking on the risk of nonpayment and not a third party. Finance companies also offer some loans to people with bad or no credit. They also offer higher interest rates because they are now taking on this risk. Are there people who take advantage of people with bad credit? There are always people who take advantage of others and those who take advantage of people with bad credit are out there also. Beware of any loan company that asks you to pay an upfront fee before you receive your money.
