Call it a bad credit tax

Then pay it off once and for all

Sounds awful, paying 12 or 15 percent interest for a bad credit auto loan. But if you look at it as part of your daily life, and not some big number on paper, it's very manageable. Even paying something like 18 percent, your payments will be only $1.00 to $1.43 more per day -- less than a 7-11 morning coffee.

Most bad credit auto loans fall into the $7,000 to $10,000 range, so we did the math for you.

Three-year, $7,000 loan:
 9 percent monthly payment: $222.60 (x36 = $8,013,60)
18 percent monthly payment: $253.07 (x36 = $9119.52)
Difference($1,096.92) divided by days (3 X 365 = 1095)
> Equals $1.00 per day. ($1.001753424658 to be exact).

Three-year, $10,000 loan:
 9 percent monthly payment: $317.99 (x36 = $11,447.64)
18 percent monthly payment: $361.52 (x36 = $13,014,72)
Difference ($1,567.08) divided by days (3 X 365 = 1095)
> Equals $1.43 per day.

Please see our research on best cars in this price range and see why it might be the best time ever to buy a car.