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April 16, 2018

People with poor credit pay much more to drive

By LACIE GLOVER
NerdWallet

Car owners with poor credit can pay hundreds — if not thousands — more to drive than those with good credit. This plays out in two important ways: higher rates on car loans and, in most states, higher insurance premiums. In fact, having bad credit can raise your insurance quote even higher than if you'd had an accident.

To see how much poor credit can cost car owners, personal finance website NerdWallet looked at auto loan terms and insurance quotes for drivers in different credit tiers.


 
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