What Counts as Bad Credit in Montgomery, AL?
When you apply for any type of loan, Alabama lenders use your credit score to figure out how likely you are to repay it. Many factors go into your credit score, including your repayment history, the number of accounts you have open, the age of your credit accounts, and any remaining loan balances. While every Montgomery, AL lender has its own criteria for what it considers a poor credit score, you are often seen as having bad credit if you have a score below 600. Lenders will also be worried if you've experienced repossession, bankruptcy, or foreclosure.
Can I Still Get a Car Loan in Montgomery, AL with Low Credit?
Many borrowers have asked, “Can I get a car loan with a credit score of 600 or less?” The simple answer is yes. Keep in mind, financing a car with bad credit in Montgomery, AL will come with some challenges. First off, not every lender offers poor or no credit loans, 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.
When you find 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. High interest rates also mean higher monthly payments and overall repayment. Our Interest Rate Estimator and Payment Calculator can help you see an estimate for the monthly payment on your Montgomery loan before even applying.
Concerned about your possible interest rate and monthly payment? You may want to consider improving your credit score before you start applying for auto loans in Montgomery, Alabama. Study our Guide to Better Credit for Auto Financing to better understand your credit score and how you can raise it.
Find the Best Deal on Bad Credit Car Loans in Montgomery, AL
A low credit score can raise the rate on your car loan, so it's more critical than ever to compare costs to find the right deal in Montgomery, AL. myAutoloan wants to make sure you find the best loan — regardless of your credit history. Simply choose your offer type and fill out our secure, confidential 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 down to your go-to dealership in Montgomery with a check in hand.
Ready to purchase 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 Montgomery, AL through myAutoloan!