Auto Loans With Bad Credit

Defaulting on an auto loan will typically result in loss of your car in addition to other financial penalties. You will only lose your car if you secured the loan by using the car as collateral. If you are not sure whether your loan is secured or unsecured, check your loan contract. Most loans direct from dealers are secured, however. Whether or not your car is seized, you will also face other fiscal and personal repercussions as a result of the default. Drop in Credit Score  Your credit score will go down immediately and significantly after a default. It…