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Rhode Island Bad Credit Automobile Car Loan

Get Approved for Your Rhode Island Bad Credit Car Loan loan before You Walk into the Car Dealership / Apply Here

Home > Bad 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 credit needs.

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 Island area.

Apply For Your Rhode Island Bad Credit Car Loan

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