Don't be paralyzed by bad credit
A car loan can be a great first step
Bad credit avoidance syndrome is a common phenomena -- far more common than you might think -- and if you're suffering from it, you've come to the right place.
Many people with a bad credit history just assume that if they look for a loan, the result is going to be bad, so they muddle along scared to apply for credit. They figure they'll get turned down or will get ripped off by high rates.
We are here to tell you that 80 percent of Americans have at least one credit ding, that nearly the majority of Americans qualify as having bad credit, and that getting a bad credit loan is not as hard as you might think.
If you go to a site such as www.myfico.com you'll see that people with credit scores around 500 range can expect to pay 15 percent interest, and if you're under 500, you could pay as high as 20 percent.
Thing is, that's not as bad as you might think. The difference between a four-year, $10,000 loan at 9 percent and the same loan at 18 percent is $1.45 a day -- and you can spend more than that on a cup of coffee every day!
More importantly, though, is what that $1.45 gets you -- a chance to start rebuilding your credit. Bringing that credit score up means you'll get a better rate next time.
You have nothing to fear in applying for a car loan except fear itself.
