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how long do banks give you to pay back an auto loan if you have bad credit?

5 Responses to “how long do banks give you to pay back an auto loan if you have bad credit?”

1. Brother Otter on March 6th, 2010 at 4:59 pm

   Good words Steven.
   The term of most car loans is 3 – 5 years. That does not depend on credit score.
   However, what a bad score will do is make the bank hypervigilant. Go late on even one payment and they’ll be all over you. A car loan, paid back on time, could be a way to help improve your credit history.

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2. Ryan M on March 6th, 2010 at 4:59 pm

   Depends on the term of the loan. If you get a 24 month loan, then they give you 24 months to pay it back. Same goes for a 36 month, 48 month, and 60 month loans

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3. capitalgentleman on March 6th, 2010 at 4:59 pm

   Most banks will not give a loan for an amount that small (at least, not in Canada). They will just say put it on Visa, or something like that.

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4. Grumple on March 6th, 2010 at 4:59 pm

   You get to decide how many months, but interest will be high.

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5. STEVEN F on March 6th, 2010 at 4:59 pm

   Your credit score NEVER effects the TERM of the loan. It MAY prevent you from receiving the loan at all. It WILL increase the interest rate, but the length of the loan will be the same in any case.

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