You have no credit or bad credit, and you need a car. Some dealers sell bad credit no credit cars in Oklahoma City or any other city. When you’re getting financing with bad or no credit, you need to be careful to understand the terms of the loan you’re getting. Here are some topics to ask questions about when getting a car loan with bad credit.
Interest Rate
Having bad credit means having a higher interest rate, but you still need to ask questions about it. Be sure to ask about the APR, or annual percentage rate. No matter what other monthly or quarterly rates are mentioned, the APR is the definite interest you pay annually on the unpaid loan balance. Try to research typical interest rates for people with your credit beforehand so they don’t take advantage of you.
Payments
Make sure you ask exactly how much they’re financing, and what the payment amounts are. You need to be able to make those payments, so they need to be a number that fits your budget. Also, be sure to ask what the penalty is for making a late payment. Ideally you never make a late payment, but it’s helpful to know in case something unexpected happens.
Other Penalties
Are there any hidden penalties or fees associated with the loan? Is there a penalty for paying off the loan early? You want to be aware of what you’re facing in the future with your loan, so make sure you understand any new fees that might stack up in the future.
Price
You negotiated a price on the car itself, but with the fees and interest of a loan, the price you’re paying over time is different. Ask exactly what the total price is. Have the dealer calculate it out down to the dollar so you can know the exact amount you’re paying for the car.
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