High Risk Car Loans

High risk car loans, sometimes called bad credit car loans, special finance car loans or credit reestablishment loans, are car loans made to customers that have no credit history, a FICO score below 620, or other blemishes on their credit report that would cause a conventional lender to turn them down.

Unlike conventional lenders, banks that make high risk car loans look for ways to get applicants approved, not for a way to turn them down. At the same time, because these banks loan to people with bad credit, the interest rate is much higher than a conventional loan. Just remember that if you pay back one of these loans on time, chances are the interest on your next loan will be lower so that ultimately and with time, you can get approved for a conventional car loan.