What Counts as Bad Credit in Fairbanks, AK?
When you apply for any type of loan, lenders in Alaska look at your credit score to figure out the likelihood of you repaying it. Many factors go into your credit score, including the number of open accounts you have, your repayment history, the age of your credit accounts, and any remaining loan balances. While every lender in Fairbanks, AK has its own benchmarks for what it considers a poor credit score, you may be seen as having bad credit if you have a score below 600. Lenders will also be worried if you’ve experienced bankruptcy, repossession, or foreclosure.
Can I Still Get a Car Loan in Fairbanks, AK with Bad Credit?
You're not the first car buyer to wonder, “Can I get a car loan with a credit score of 600 or less?” Yes, you can. Still, it's going to be harder to finance a car with bad credit in Fairbanks, AK. First off, 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. The good news is that myAutoloan partners with lenders specializing in bad credit loans.
Once you've chosen a lender in Alaska, you may see that your low credit score impacts your loan. A poor credit score might limit your borrowing and lead to higher interest rates. This high interest rate will lead to higher monthly payments and overall loan costs. Tools like our Interest Rate Estimator and Payment Calculator can help you see an estimate for the monthly payment on your Fairbanks loan before even applying.
Do your potential interest rate and monthly payment have you worried? You should consider boosting your credit score before applying for Fairbanks, Alaska auto loans. 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 in Fairbanks, AK for Bad Credit Car Loans
A low credit score can raise your car loan rate, making it more important than ever to compare costs and find the right loan in Fairbanks, AK. At myAutoloan, we want to help you find the best loan — regardless of your credit history. All you need to do is select your offer type and fill out our secure, confidential application. We'll show you up to four loans in minutes so you can easily compare rates. After, you can choose the best loan for you and head to your local Fairbanks dealership with a loan 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 Fairbanks, AK through myAutoloan!