1. What is Interest?- Interest is the amount the lender charges to give you the loan.. Interest maybe accompanied by additional administration fees.
2. Ranges?- Interest rates typically ranges between prime(the set minimum rate controlled by federal government) - 32% (legally interest rate can go up to 65% in most areas.)
3. Interest Rates don’t matter.- The truth is they do for example if you have a high rate of lets say 29.9% on a $10,000 loan the fact is you will pay approximately double that or more on a car loan vs someone at 8% interest they will pay about $2000 extra on their $10,000 loan while you pay $10,000 on top of the $10000.00 you borrowed. Now can you see why bad credit people are always broke..
4. Can my rate be changed?- Yes it can be changed and in some cases significantly lowered.. Please contact me for details on these options.
By Omari Whyte
Topics
- Common Credit Misconceptions
- Credit Rating in a Nutshell
- How banks decide who to lend their money to.
- How do I build my Credit?
- How to deal with collection agencies.
- Sub Prime Auto Loan
- Types of Companies that contributes to Bad Credit.
- Types of Credit Available
- Understanding Interest Rates
- What is the best way to Rebuild or Repair bad Credit?
- What is the best way to reduce the amount of credit I have?
- When is Bankruptcy the right option?
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