how long do banks give you to pay back an auto loan if you have bad credit?
August 28th, 2009 | 
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monique R asked:
trying to get a loan for 2500. have bad crdit how long you think they would give me to pay that back?
bad credit loan
trying to get a loan for 2500. have bad crdit how long you think they would give me to pay that back?
bad credit loan
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bad credit loan
Depends on the term of the loan. If you get a 24 month loan, then they give you 24 months to pay it back. Same goes for a 36 month, 48 month, and 60 month loans
bad credit loan
Most banks will not give a loan for an amount that small (at least, not in Canada). They will just say put it on Visa, or something like that.
bad credit loan
You get to decide how many months, but interest will be high.
bad credit loan
Your credit score NEVER effects the TERM of the loan. It MAY prevent you from receiving the loan at all. It WILL increase the interest rate, but the length of the loan will be the same in any case.
bad credit loan
Good words Steven.
The term of most car loans is 3 - 5 years. That does not depend on credit score.
However, what a bad score will do is make the bank hypervigilant. Go late on even one payment and they’ll be all over you. A car loan, paid back on time, could be a way to help improve your credit history.