Interest rates on any loan varies from person to person and according to certain criteria that the auto financing agency will consider. Just like when you apply for auto insurance, the insurance agency can’t discern your cost without having your driving record.
Even if you have a few dents on your credit report, possess bad credit, or been through a bankruptcy — it doesn’t automatically assume that you will be paying the highest interest rates out there. Different lenders take different criteria into consideration including factors like job stability, whether you own a home or have lived in one location for a particular amount of time, and monthly income, among other things.
Clients with bad credit should not fear the worst since there are dealerships that have designed their finance areas to specialize in bad credit auto loans.