Subprime loans are in high demand. And if you do any research on “subprime loan”, you’ll find plenty of advice on how to get the lowest interest rate. You’ll also find plenty of people willing to give you a subprime loan, but you’d be making a mistake to accept it.
Unfortunately, most of what you’ll find approaches the problem from the wrong direction. The way to get the VERY best interest rate on a subprime loan is usually overlooked or concealed altogether.
The solution is to “think outside the box.” The way to get a loan with a low score with the best interest rate is to NOT get one! Instead, spend a couple of months fixing your score, and then look for a “good score loan” instead.
This answer probably comes as something of a shock to you. More than likely, several objections to this approach will come to mind.
1. “I need a loan NOW” or “It’s not worth my while to wait until I repair my score.”
=> Oh really? Well, is it worth a savings of $150,000 or more? Granted you may not be looking for a $100,000 loan. But even if you want to borrow only $10,000 or so, the better rates you’ll enjoy with good scores will still save you several thousand dollars.
2. “Fixing my score will take too long, or it just isn’t possible.”
=> It’s often possible to make very a significant improvement in your score rating in just a few months and some cases as little as 30 days.
3. “I don’t know how to repair my scores and can’t afford to hire a repair agency”
=> For a fraction of the cost of a professional agency, you can purchase a good book on a repair that will walk you through the whole process.
4. “Do-it-yourself repair is too difficult” or “I don’t think I can repair my scores”
=> Don’t be intimidated by the idea of fixing your score. If you can research the FCRA laws, write a few letters, address, stamp, and mail them you can repair your scores.
Your decision comes down to this; you have two choices.
1. You can spend some time (maybe a LOT of time) shopping for a subprime loan with the lowest possible rate, and still end up paying thousands (even tens of thousands) more in interest.
2. You can spend some time fixing your score and spend those thousands on your family’s needs, instead of paying them to your lender.
Do you think your lender needs your hard-earned money more than you and your family need it? Anybody can work on fixing their score. That’s right, anybody! If you’re still unsure about doing it on your own and want to seek the help of a credit professional, get your free consultation today.