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Not everyone obtains poor credit from being frivolous with their credit cards. Sometimes instances of injury, divorce, or unemployment are the culprits which cause poor credit, and it can be difficult to rebuild credit after something like this occurs. Just because you have poor credit, however, does not mean that you need to accept outrageously high interest rates, ridiculous terms, and additional insurance coverage tacked on by the lender. You should never feel grateful to a lender who is granting you a loan if they are doing so just to take advantage of your situation.
Look closely at all the documents you receive when getting approved for poor credit auto loans. Does the interest rate near or exceed the twenties? Is the term of the loan stretched out long past sixty months? Is life or disability insurance listed on the loan, even though your loan representative did not discuss this with you? These should be red flags that you are not getting the best loan possible.
You should know that there are highly reputable lenders who will indeed do business with borrowers with poor credit scores. Yes, you will pay a higher interest rate than you would if your credit was better, but these lenders will not take advantage of you. Just because you have poor credit, it does not mean that you should allow yourself to get taken advantage of.