Do I Have Bad Credit in Fayetteville, AR?
When you borrow money — like a car loan — Arkansas lenders look at your credit score to determine the chances of you repaying 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 each lender in Fayetteville, AR has its own guidelines 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 more cautious if you've experienced repossession, bankruptcy, or foreclosure.
Is it Possible to Get a Car Loan in Fayetteville, AR 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. Still, you'll likely face some challenges financing a car with bad credit in Fayetteville, AR. First off, not every lender feels comfortable giving loans to people with poor or no credit, so you may need to spend some extra time finding a lender willing to work with you. Thankfully, myAutoloan has lending partners that specialize in bad credit loans.
When you find a lender in Arkansas, you may learn your low credit score changes your loan. A poor credit score might limit your borrowing and lead to higher interest rates. Higher interest rates will mean higher monthly payments and overall loan costs. Use our Interest Rate Estimator and Payment Calculator to see an estimate for the monthly payment on your Fayetteville loan before filling out an application.
Do your potential interest rate and monthly payment have you worried? You might want to think about increasing your credit score before you start applying for auto loans in Fayetteville, Arkansas. Check out our Guide to Better Credit for Auto Financing for information about credit scores and tips for quickly raising yours.
Find the Best Deal in Fayetteville, AR for Bad Credit Car Loans
A low credit score can raise your car loan rate, making it more critical than ever to compare lenders in Fayetteville, AR and find the right deal. myAutoloan wants to help you find the best loan — no matter your credit history. All you need to do is select your offer type and complete a confidential, secure application. We'll show you up to four loans in minutes so you can easily compare rates. After, you can select the right loan for you and head to your local Fayetteville dealership with cash in hand.
Need a new ride? Poor credit shouldn't stop you. Apply through myAutoloan now and review up to four Fayetteville, AR bad credit car loans!