What Is Considered Bad Credit in Valley, AL?
When you apply for a car loan, mortgage, or another type of loan, lenders in Alabama use your credit score to determine how likely you are to repay it. Many factors go into your credit score, including the age of your credit accounts, the number of open accounts you have, any remaining loan balances, and your repayment history. While every Valley, AL lender has its own benchmarks for what's considered a bad credit score, you are often seen as having bad credit if your score is less than 600. Lenders will also be wary if you’ve experienced bankruptcy, repossession, or foreclosure.
Can I Still Get a Car Loan in Valley, 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 short answer is yes. But, it's going to be harder to finance a car with bad credit in Valley, AL. To begin with, not every lender feels comfortable giving loans to people with poor or no credit, so you may need to put in extra effort to find a lender who will help with your financing. The good news is that myAutoloan partners with lenders specializing in bad credit loans.
Once you've found a lender in Alabama, you may see that your low credit score impacts your loan. A poor credit score can limit your borrowing and result in higher interest rates. High interest rates also mean higher monthly payments and total repayment. Use our Interest Rate Estimator and Payment Calculator to see what the monthly payment on your Valley loan might look like before even applying.
Do your potential interest rate and monthly payment have you sweating? You may want to look into increasing your credit score before you apply for Valley, Alabama car loans. Take a look at our Guide to Better Credit for Auto Financing to learn about credit scores and how you can quickly raise yours.
Find the Best Deal on Valley, AL Poor Credit Car Loans
A poor credit score can increase the rate on your car loan, making it more important than ever to compare costs to find the right deal in Valley, AL. myAutoloan wants to help you find the best loan — even without the best credit history. All you need to do is select your offer type and complete or confidential and secure application. We'll show you up to four loans in minutes so you can easily compare rates. Finally, you can select the loan that looks best to you and head to your favorite Valley dealership with money in hand.
Ready to purchase a new ride? Poor credit shouldn't stop you. Apply with myAutoloan today and compare up to four bad credit auto loans in Valley, AL!