What Counts as Bad Credit in Foley, AL?
When you borrow money — like a car loan — lenders in Alabama use your credit score to decide the likelihood 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 each lender in Foley, AL has its own guidelines for what it considers a poor credit score, you are often seen as having bad credit if your score sits under the 600 benchmark. Lenders will also be more cautious if you've experienced repossession, bankruptcy, or foreclosure.
Can I Still Get a Car Loan in Foley, AL with Bad Credit?
Many car buyers have asked, “Can I get a car loan with a credit score of 600 or less?” Yes, you can. Still, financing a car in Foley, AL with bad credit won't necessarily be easy. To begin with, not every lender is willing to give a loan to someone with poor or no credit, so you may need to spend some extra time finding a lender who will work with you. Thankfully, myAutoloan has lending partners that specialize in bad credit loans.
Once you've chosen a lender in Alabama, you may discover your low credit score affects your loan. A poor credit score can limit your borrowing and result in higher interest rates. This high interest rate will also mean higher monthly payments and more spent over the life of the loan. Tools like our Interest Rate Estimator and Payment Calculator can help you see what the monthly payment on your Foley loan might look like before you apply.
Worried about your potential interest rate and monthly payment? You may want to contemplate raising your credit score before applying for auto loans in Foley, Alabama. Study our Guide to Better Credit for Auto Financing for information about credit scores and tips for quickly raising yours.
Find the Best Deal in Foley, AL for Bad Credit Car Loans
A poor credit score can increase the rate on your car loan, so it's more critical than ever to compare lending options and find the right deal in Foley, AL. myAutoloan is here to help you find the best loan — despite your credit history. All you have to do is choose your offer type and complete or confidential and secure application. We’ll show you up to four loans at a time so you can compare rates in minutes. Then, you can choose the best loan for you and head to your local Foley dealership with a check in hand.
Why wait to get a new ride? Bad credit doesn't have to get in the way. Apply now and compare up to four bad credit auto loans in Foley, AL through myAutoloan!