Banks like stability and predictability, so if you've got a few credit knocks on your record, you're going to be paying more for a loan.
To find out how much more, visit www.myfico.com, where you can find interest rates matched to credit scores. MyFico does not list rates for scores under 500, but we have lenders who work in that space.
To put the rates into perspective, consider this -- the difference between an average loan at 9 percent and 18 percent is less than a daily cup of coffee and a donut. Not only is that a manageable number, it's money that's going to good use. It's establishing your credit so you'll get a better rate next time.
Some 80 percent of all car shoppers use the Internet for research, so while you're poking around Web sites:
• Look for sites that list an actual physical address and an actual phone number. You'd be surprised how many don't -- and that should be a red flag about the security of your information.
(PS: we're at 114 Virginia St., Richmond, VA., 1-800-CAR-LOAN.)
• Most car loan Web sites will be sending you to a dealer -- us included. That's not a conspiracy, that's the way 80 percent of all cars are sold, and that's where the banks and finance companies are most comfortable working.
• Dealers in our nationwide network are electronically linked to (roughly) 400 different lenders.
• With that variety, dealers can shop around and slot you to the best rate your credit score will allow.
• Our experience in bad credit means you're not going to get hassled or lectured. You're going to get a loan if we can help it.
• We're not one of those "Everybody Is Approved" outfits, but we can finance just about everybody who meets our minimum requirements.
• You can start the process with a 60-second secure online car loan application.
Here's the story with a lot of our customers -- they are driving something new within 48 hours of applying.
