Why do some lenders have really high rates?

Having bad credit is very similar to having a poor driving record. You may have to pay higher insurance premiums if you have had some at-fault accidents, or multiple driving infractions. Once you have had a reasonable length of time driving without any issues, your insurance will go back to normal. Lenders look at credit the same way. Many lenders are willing to take a chance, but will charge a higher rate because there is a little more risk for them. Once you have made positive repayment history over a period of time, you may qualify for lower rates on a newer car.