What is Damaged Credit?
Having ‘Bad Credit’ indicates that you have had difficulty honoring past credit agreements. This generally includes a consistent failure to make pre-arranged payments in a timely fashion. This means your credit score will go down and make it more difficult to secure future credit until you’re able to improve your credit standing.
The Effects of Damaged Credit
By creating a history of bad credit, lenders are less likely to give you credit as they fear you’ll fall behind on the repayment schedule. If you manage to find a lender who will approve you despite bad credit, you’ll likely end up having to pay a deposit or down payment and/or pay much higher interest rates than a borrower who has a good credit score.
Bad credit affects everything from loans, mortgages, and insurance rates, to your ability to purchase a cell phone, vehicle, or even rent accommodations.
We Can Help!
If your credit score is low and you’re afraid you won’t be approved for an auto or RV loan, not to worry. We work with subprime loan specialists to help those with bad or non-existent credit.