If you are shopping for a new vehicle, you are probably working with a budget. You need to find a monthly payment that is going to fit in comfortably with all of your other financial obligations. There are a lot of factors that go into deciding your monthly car payment, like the term length. Another factor that people may not give as much attention to is interest rate. Car shoppers with lower credit scores are going to be paying higher interest rate, which may drive up their monthly payment. People who are wondering what the average interest rates are for people with bad credit scores should talk to the team at Autoloan Credit Express, located at 428 Pleasant Street in Fall River, MA.

How Are Interest Rates Determined?

An interest rate is a determination of your risk to a bank or credit union when they lend you money. The lower your credit score, the higher the risk you pose. Therefore, people who have bad credit are often saddled with higher interest rates. If you are wondering about your credit profile, you should get a free copy of your credit report to determine if all of the information on it is accurate. Inaccurate information can lead to your credit score being lower than it should be.

How Can I Get Financing with a Low Credit Score?

Our team offers financing for new and used vehicles. In the past, we have worked with folks all over the credit spectrum. If you have bad credit, the interest rates you receive may be in the double digits. There are a lot of factors that go into determining the interest rate you get, including the amount you are financing and your debt-to-income ratio. When you work with our finance team, we will do what we can to ensure that you get the best interest rate for your situation.

One of the reasons you may want to shop with us if you are concerned about interest rates is because we have special financing programs for folks who may not have perfect credit. We have helped many people from the East Providence, RI area get a bad credit car loan or lease that fits into their budget.

Use our online credit application, so the team at Autoloan Credit Express can help you find auto financing with an affordable interest rate today.