Bad Credit Unsecured Personal Bank Loans – Need Money for a Car Purchase?
Posted on | December 28, 2009 | No Comments
Getting a bad credit unsecured personal bank loan is the way that you can get money for a car purchase before the end of 2009. Many major automakers are currently running great end of year sales to offer low prices to car buyers. If you are in the market to buy a new vehicle then now might be one of the best times in recent history to buy that new car.
Unfortunately, many Americans have found that 2009 has been a great struggle when it comes to money. If you need to borrow money to get a new car then you might want to consider getting a personal bank loan. If you have very bad credit and you are not confident that you are going to qualify with the dealership then getting a bank loan is an option.
Many dealerships are offering very low interest rates on car leases and car loans. It is very important to understand that these low interest rates only come to those who qualify. If you have a credit score well below 650 you are going to find it very difficult to qualify for these low rates. This does not mean that you cannot buy a new car in 2009. You will just have to find your financing somewhere else.
If you do decide to get a personal bank loan for your car purchase you will need to know that the interest rate will be greatly dependent on your credit score. If you have a bad credit score you are likely to find an interest rate somewhere above 15%. Obviously this is much higher than the low percentage rates that are being offered by dealerships but you do not have that option.
With the amount of money you save by buying a car during the end of your sale it might offset the high interest rate you get on a personal loan. It is a good idea to sit down with a financial calculator and decide just how much money you need to save on a car before you get to the dealership. This is not an easy decision so please do not make it quickly.
Author: Tiffany Mann
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