Spoiler alert: it makes it more expensive.
Nothing like beating up on those who are already down. Unfortunately, that’s the way of the world. It’s a lot like loans. The people who most need to keep their payments down – because of financial problems – are the same people who get socked with the highest interest rates. Seems unfair, but it also makes sense. From a lender’s (or in this case, insurance companies) perspective if you haven’t been able to manage your finances to the point that you pay all your bills on time, statistics show that you’re less likely to do it in the future – as compared with those who always meet their financial obligations. Read the article below to get the full scoop:
If you have bad credit, you might be wondering what options you have for car insurance. So how does bad credit affect car insurance rates? Find out here.