Home - Mortgage Loans | Personal Loans | Bad Debt Loans | Foreclosure Loans
Apply for a Loan | Best Auto Loans | Best Bad Credit Auto Loans | Best Bad Credit Loans | Best Bill Consolidation Loans | Best Cash Advance Loans | Best Credit Cards | Best Credit Repair Tips | Best Debt Consolidation Loans | Best Free Credit Reporting Tips | Best Home Equity Loans | Best Mortgage Loans | Best Pay Day Loans | Best Personal Loans | Best Products on the Internet | Best Unsecured Loans
Great Financial Advice
Apply for a Loan
Latest Financial News
Rate Lock Advisory
Best Products
Join Our Mailing List
Contact Us
Loan Articles Index
Auto Loans
Bad Credit Auto Loans
Bad Credit Loans
Bill Consolidation Loans
Cash Advance Loans
Credit Cards
Credit Repair Tips
Debt Consolidation Loans
Debt Reduction Loans
Foreclosure Loans
Free Credit Reporting Tips
High Risk Loans
Home Equity Loans
Home Loans
Lawsuit Loans
Mortgage Loans
Pay Day Loans
Personal Loans
Products on the Internet
Real Estate Services
UK loans
Unsecured Loans
Loan Article Index
Loan Articles A-G
Loan Articles H-Q
Loan Articles R-Z
Mortgage Calculators
Mortgage Calculator
Mortgage Amortization Calculator
Rent vs. Buy Calculator
How Much Can I Afford Calculator
Auto Payment Calculator
Click here to Sign up for Email and Newsletter

 

redhotloantips fat loss


How to Find Lower Interest Rates on Bad Credit Loans

Written by: John Mussi

In a world where debt and poor credit are more commonplace than they used to be, bad credit loans aren't nearly as difficult to find as they once were. The problem associated with most bad credit loans isn't the difficulty of finding them, it's the interest rates that most common lenders charge for them. It doesn't do you much good to finally get a loan when you've got bad credit if the interest rate makes the monthly payments more than you can afford.

Luckily, you can get relatively decent interest rates even if you're applying for a bad credit loan... it's simply a matter of knowing where to look, what collateral to use, and having the patience to find the best loan that you can get.

Consider Alternative Lenders

The first thing that you should do when looking for a good interest rate on a bad credit loan is to broaden your search to lenders that you might not have considered before. Finance and lending companies generally offer loans to a variety of individuals, regardless of credit history, if they have collateral to secure the loan.

Online lenders offer these same services, but are usually able to provide better interest rates because of their lower overhead and method of doing business.

Taking the time to look into these lenders might help you to get on the right track toward a lower-interest loan regardless of your credit score.

Choose the Right Collateral

The key to getting the best interest rates for bad credit loans is to use the right collateral to guarantee repayment of the loan. Ideally, you'll choose a high-value collateral that could easily be sold if it came to that point... something with a value that is higher than the amount you're requesting to borrow. Home equity is a favorite among lenders who offer loans for bad credit, due to the ease of determining its value and working with it.

Other common types of collateral that tend to bring lower interest rates are automotive titles, property deeds, and precious metals or antiques.

The interest rate that you're offered for your collateral may vary from lender to lender, though, so it's important to take the time to shop for the best rate.

Shop Around

Shopping around for a loan is just what is sounds like... going from lender to lender, requesting a quote for a loan, and comparing interest rates and loan terms to find the best deal. It's important to use the same collateral and the same asking amount for each of the loans that you request a quote for, so that you can determine which offer is really the best; by keeping all of the variables the same, it is easier to determine which loan offer is actually lowest.

Compare Loan Quotes

Once you've gathered quotes from several lenders, you should take the time to compare the quotes and determine which loan offer will work out best for you. Look at the interest rates that each lender offers, as well as the repayment terms, the monthly payments, and any other factors that will affect the loan. By comparing both the terms of the loan and the interest rates offered, you may find that the lowest interest rate isn't always the best deal... but then of course, sometimes it is.

Once you've determined which loan is best for your needs and budget, submit your full loan application keeping the next best quote handy in case some unforeseen circumstances prevent you from getting your first loan choice.

You may freely reprint this article provided the following author's biography (including the live URL link) remains intact:

About the author:

None


Other Related Articles:


Warning: date(): It is not safe to rely on the system's timezone settings. You are *required* to use the date.timezone setting or the date_default_timezone_set() function. In case you used any of those methods and you are still getting this warning, you most likely misspelled the timezone identifier. We selected the timezone 'UTC' for now, but please set date.timezone to select your timezone. in /home/rliu008/public_html/redhotloantips.com/rotator.php on line 7

Warning: date(): It is not safe to rely on the system's timezone settings. You are *required* to use the date.timezone setting or the date_default_timezone_set() function. In case you used any of those methods and you are still getting this warning, you most likely misspelled the timezone identifier. We selected the timezone 'UTC' for now, but please set date.timezone to select your timezone. in /home/rliu008/public_html/redhotloantips.com/rotator.php on line 7
Secured Business Loan - "Capitalizing "on the opportunity!!
Ever seen a mustard tree?? Well, simply put ... its "HUGE". Now compare it to its source ... "the mustard seed!" It seems practically impossible to imagine that a tree of that magnitude arises from a tiny, miniscule seed! The illustration seems...read more

Mobile Home Mortgage Loans
A large number of prospective homeowners are interested in acquiring mobile or manufactured homes. Should these homeowners require financial assistance, they will need to take the assistance of approved lenders who make the money available...read more

Using A Calculator To Assess Your Loan
If you are looking to purchase a new home then you will want to use a mortgage qualification calculator to assist you in working out how much of a home loan you will be able to afford. A mortgage calculator is based around a computer program that...read more


Return to Home

468x60

Best Auto Loans, Best Bad Credit Auto Loans, Best Bad Credit Loans, Best Bill Consolidation Loans, Best Cash Advance Loans, Best Credit Cards, Best Credit Repair Tips, Best Debt Consolidation Loans, Best Debt Reduction Loans, Best Foreclosure Loans, Best Free Credit Reporting Tips, Best High Risk Loans, Best Home Equity Loans, Best Home Loans, Best Lawsuit Loans, Best Mortgage Loans, Best Pay Day Loans, Best Personal Loans, Best Products on the Internet, Best Real Estate Services, Best UK loans, Best Unsecured Loans
Subscribe to Mailing List | Private Policy | Unsubscribe | Site Map