How Do I Know If I Have Bad Credit in Birmingham, AL?
When you apply for a car loan, mortgage, or another type of loan, lenders in Alabama use your credit score to determine the chances of you repaying it. Your credit score is calculated using many factors, including the age of your credit accounts, the number of open accounts you have, any remaining loan balances, and your repayment history. While every Birmingham, AL lender has its own guidelines for what’s considered a poor credit score, you might be seen as having bad credit if your score sits under the 600 benchmark. Lenders will also be nervous if you have a history of bankruptcy, foreclosure, or repossession.
Is it Possible to Get a Car Loan in Birmingham, AL with Bad Credit?
You’re not the first car buyer asking, “Can I get a car loan with a credit score of 600 or less?” The simple answer is yes. However, you'll likely face some challenges financing a car with bad credit in Birmingham, AL. Most notably, not all lenders are willing to give a loan to someone with no or poor credit, so you may need to spend some extra time finding a lender who will work with you. Thankfully, myAutoloan partners with lenders that specialize in bad credit loans.
Once you've found a lender in Alabama, you may discover your low credit score affects your loan. You may have limited borrowing power and a higher interest rate due to your poor credit score. This high interest rate will also mean higher monthly payments and total repayment. Use our Interest Rate Estimator and Payment Calculator to see what the monthly payment on your Birmingham loan might be before filling out an application.
Do your potential interest rate and monthly payment have you worried? You might want to contemplate raising your credit score before applying for auto loans in Birmingham, Alabama. View our Guide to Better Credit for Auto Financing for information about credit scores and tips for quickly raising yours.
Find the Best Deal on Birmingham, AL Poor Credit Car Loans
A poor credit score can raise the rate on your car loan, making it more critical than ever to compare lenders in Birmingham, AL and find the right deal. At myAutoloan, we want to help you find the best loan — no matter your credit history. Simply choose your offer type and complete or confidential and secure application. You'll see up to four loans at once so you can compare rates in minutes. Then, you can select the best loan for you and head to your favorite Birmingham dealership with a loan in hand.
Why wait to get a new ride? Your poor credit doesn’t have to stop you. Apply with myAutoloan today and compare up to four bad credit auto loans in Birmingham, AL!