Category: FAQs

Bad Credit Loan & Interest Rate 

If you’re out shopping for credit or to make a purchase like a car or house, you’ll likely get feedback on your credit.  Over 30% of Americans have credit issues of some kind and may need to find a bad credit loan.

Is the interest rate high? 

Obviously, if you have perfect credit you can get a low interest rate on car loan almost anywhere. But not all of us have perfect credit, in fact, over 40 million americans have what credit bureaus describe as “very low credit scores” and 50 Million americans have no credit at all! If you’re in either one of these categories, you’re not alone and you’ll likely have to get a “bad credit loan.”  In Utah, the interest rates for those with “bad credit” range typically from 12-38%.

What are the loan lengths?

Since we’re the bank, our interest rates and payments are affordable and we offer terms around 2-4 years to allow you to more quickly payoff your car. The finance company Lucky’s Auto Credit uses charges the same interest rate for all its customers, but the length of time you’re paying interest is often half the time of a 6-7 year term.  Every car dealership will have a true cost of credit that will show you the cost of financing a car and how much interest and principle you’ll have paid over the life of the loan.

How do I Apply?

To apply for an interest rate car loan bad credit, click the apply now button at the top of this page. Or check out our awesome inventory by using this used cars inventory link. We get new inventory every week so check back often and be sure to come in to get approved beforehand! Chances are we’ll have the car that fits you perfectly.