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It is one of the things people need the most, a car. Without a car your whole world stops and you are at the mercy of friends or public transportation. So what if you need a car but your credit is bad? Is this where you stop and give up hope? The answer is no, even those with bad credit can obtain transportation.

There are many lenders to choose from when trying to find someone to finance a car when your credit is bad; the key to finding them is research. The name of those who will lend you money for a vehicle even though your credit is bad is high risk lenders. They usually require more information than traditional lenders and they usually sport higher interest rates but in the end they will loan you that money for a vehicle.

It is usually easier to purchase a newer vehicle with a high risk loan because the lender wants the vehicle to be worth the chance they take. If the vehicle is newer the resell value on it is higher and thus the risk is lower. So not only are your chances good that you may walk away with a vehicle but probably a better one then you originally thought.

One of the things to consider when taking out a high risk loan is that the interest rate will be higher then a bank loan. This is the price the consumer pays for the loan company taking a chance on them. Sometimes interest can be as high as 29 or 30 percent which drives the payments up as well, but once again it is a high risk loan and this is one of the 'catches' to having to take one out.

Another issue for those who are taking out a high risk loan face is having to make higher down payments. Again this just ensures the loan company that you are fully invested in the purchase of the car. Of course a higher down payment will also lower your regular payments to some degree too so it may not be such a bad idea after all.

So anyone can purchase a vehicle no matter what their credit, it is just a matter of doing the research to find the right loan for you.