If you have bad credit then getting a loan can seem like a nightmare. Dealing with lenders when you don't have credit is not easy. The result of bad credit is usually loans with high interest rates, bad terms or both.
The truth is you will only know what type of mortgage you can secure once you start shopping around for loans.
One thing to keep in mind is that there are many people with bad credit out there. So don't think you are in a small group who doesn't deserve a bit of attention from a lender. The other thing that you should remember is that there are a lot of lenders out there that are all competing with each other so don't think you can't bargain a little on interest rates and terms.
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On the other hand, you have to be realistic and remember that people with good credit will get better loans than people with bad credit. So bearing this in mind the only thing is to shop around and talk to several lenders.
Where to find a lender:
You will find lenders in the traditional banks and finance companies that advertise in newspapers, flyers, on the internet and many other places. You should visit your local bank first. A local lender can give you the street average on what you should expect to get. If a bank is not prepared to give you a loan because of your credit then you will have to go to other financial companies that will try to charge you much higher interest rates to cover the risk of lending money to someone with bad credit.
One of the best places to find a lender is through truly independent financial advisors. Financial advisors, whether these are on the internet or in the telephone directory, will almost certainly make a commission on referring someone to a lender. The highest commissions are made on the lenders willing to pay the highest fees, and these are usually the ones that end up taking the most money from you so be careful if an advisor is particularly keen on referring products from one particular lender. The best way to use advisors is to get them to compare lots of different packages for you or tell them to find a lender that will match your terms and conditions i.e. size of monthly payments, interest rates etc.
Finally be extra careful if you are just looking for quick money and not interested in the terms and conditions. Lenders love people like this and will quite happily let you enter into a loan contract that forces you to pay lots of money to them because they gave you money very quickly without asking too many questions about your credit situation. If you find yourself doing this then ask yourself if you really need the money and if this going to help you or actually make the situation worse.
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