October 9, 2009
Lenders that Charge High Interest Rates
The dealer or lender charges additional interest which is higher than the rate charged by bank which is the profit for the dealer. As the interest rates are higher, it is advised to the buyer to first of all clear the bad credit from the records.
In order to obtain bad credit auto finance, you need to erase the bad credit remark from the record. This can be done by obtaining credit reports from major credit reporting agencies which will later be reviewed for negative items.
The borrowers have the right to dispute under federal laws for the negative items to be removed from the report every thirty days.
Another option is writing letter to credit bureau regarding the negative items in credit report. The important items that should be removed from the bad credit are bankruptcy, charge offs or collection amounts, bad payment history, etc.
