Calm down—even if you have bad credit new car loans are not out of your reach. However, you need to beware of predatory lending practices. Some lenders, including many less-than-reputable online lenders, will offer financing to anyone but may require you to pay high fees or exorbitant interest rates meaning you pay hundreds or even thousands more in interest over the life of the loan.

Your best bet to avoid being charged fees that are too high for a loan is to educate yourself on what's called sub-prime lending rates. Sub-prime lending are loans made to people with less than perfect credit.

*You can also learn more about predatory lending and the laws pertaining to it by visiting the Center for Responsible Lending's Web site.

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