Rhode Island Bad Credit Automobile
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Credit Car Loan Help
Applying and getting financed in any economic environment can
be difficult but in this recession automobile financing can be
next to impossible if you don't have a strong credit rating. Many
banks and credit unions in Rhode Island offer car loans and some
specialty lenders offer financing for people that have poor or
bad credit. Most of these "special lenders" can be located
at buy here pay here car dealerships. These dealers provide financing
for customers who can't get financed any other way.
If I live in Rhode Island and have bad credit, then how do I
get a car loan?
This isn't as difficult as it seems. We're going to help you
get the credit you need for your next car loan.
The first thing we would like for you to do is to comparison
shop. What do you mean by comparison shop? We mean we would like
for you to visit sites that help you get the best APR as possible.
At the end of this article were going to provide you with a list
of local lenders in the RI area that could help you with your
The second thing we would like for you to do is to ask as many
questions as possible. What type of questions should I ask? We
would like you to ask these questions when applying for credit.
What's the interest rate?
What's the duration of the loan?
Is there a prepayment penalty?
Is there a grace period on payments?
What's the payment due date?
What's the total to be repaid including interest?
We would like to also like to educate you on Rhode Island Usury
Laws. A Usury law is for the protection of the consumer regarding
how much interest the lender can charge the borrower (you) when
getting a loan. The reason why these laws came into play is because
unscrupulous lenders were charging too much interest on borrowers.
The current usury limit in RI is 21% meaning the lender can't
charge you more than 21% on your car loan.
The third thing we would like you to do is look for the right
lender. Who's the right lender? Because the banking system is
so large today we've always recommended community banks or credit
unions. The reason why we recommenced community banks and credit
unions is because they often know there customers better than
a national or large regional bank. This often means better interest
rates and much better customer service. Below we've provided a
list of credit unions and smaller community banks in the Rhode
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