| redit loans are in high demand. And if you do any | | | | repair my credit.” |
| research on “bad credit loan”, | | | | Oh really? Well, is it worth a savings of $150,000 or |
| you’ll find plenty of advice on how to get the | | | | more? Granted you may not be looking for a $100,000 |
| lowest interest rate. You’ll also find plenty of | | | | loan. But even if you want to borrow only $10,000 or |
| people willing to give you a bad credit loan, but | | | | so, the better rates you’ll enjoy with good credit |
| you’d be making a mistake to accept it. | | | | will still save you several thousand dollars. |
| Unfortunately, most of what you’ll find | | | | 2. “Fixing my credit will take too long, or it just |
| approaches the problem from the wrong direction. The | | | | isn’t possible.” |
| way to get the VERY best interest rate on a bad | | | | It’s often possible to make very a significant |
| credit loan is usually overlooked or concealed | | | | improvement in your credit rating in just a few months, |
| altogether. | | | | and in some cases as little as 30 days. |
| But before we continue, let’s digress briefly and | | | | 3. “I don’t know how to repair my credit |
| look at how significantly the higher rate for a bad credit | | | | and can’t afford to hire a credit repair |
| loan affects the borrower. | | | | agency” |
| Let’s say you want to buy a house, but have | | | | For a fraction of the cost of a professional agency, |
| bad credit. No matter how diligently you shop for a | | | | you can purchase a good book on credit repair that |
| lender, you’re still be charged a higher interest | | | | will walk you through the whole process. |
| rate for a bad credit loan than if you had good credit. | | | | 4. “Do-it-yourself credit repair is too |
| With good credit, you might get a mortgage loan at | | | | difficult” or “I don’t think I can |
| 6% interest. But a bad credit loan will cost you closer | | | | repair my own credit” |
| to 12%. Assuming you get a $100,000 mortgage over | | | | Don’t be intimidated by the idea of fixing your |
| 30 years, the difference you’d pay in interest | | | | own credit. If you can write a few letters, address, |
| amounts to a monstrous $154,461.60 MORE because | | | | stamp, and mail them you can repair your own credit. |
| you have bad credit. That’s over 1½ | | | | Your decision comes down to this; you have two |
| times the loan itself! | | | | choices. |
| Now getting back to our original problem, how can you | | | | 1. You can spend some time (maybe a LOT of time) |
| get a better interest rate for a bad credit loan? The | | | | shopping for a bad credit loan with the lowest possible |
| answer is probably not what you were expecting. | | | | rate, and still end up paying thousands (even tens of |
| The solution is to “think outside the box.” | | | | thousands) more in interest. |
| The way to get a bad credit loan with the best | | | | 2. You can spend some time fixing your credit and |
| interest rate is to NOT get one! Instead, spend a | | | | spend those thousands on your family’s needs, |
| couple of months fixing your bad credit, and then look | | | | instead of paying them to your lender. |
| for a “good credit loan” instead. | | | | Do you really think your lender needs your hard earned |
| This answer probably comes as something of a shock | | | | money more than you and your family need it? |
| to you. More than likely, several objections to this | | | | Anybody can work on fixing their own credit. |
| approach will come to mind. | | | | That’s right, anybody! |
| 1. “I need a loan NOW” or | | | | Get a good book on credit repair and get started |
| “It’s not worth my while to wait until I | | | | TODAY! |