What Counts as Bad Credit in Aurora, CO?
When you borrow money — like a car loan — lenders in Colorado use your credit score to evaluate the chances of you repaying it. Your credit score is calculated using many factors, including any remaining loan balances, your repayment history, the number of open accounts you have, and the age of your credit accounts. While every lender in Aurora, CO has its own guidelines for what's considered a bad credit score, you could be seen as having bad credit if your score sits under the 600 benchmark. Lenders will also be nervous if you’ve experienced bankruptcy, repossession, or foreclosure.
Can I Still Get a Car Loan in Aurora, CO with Bad Credit?
Many borrowers have asked, “Can I get a car loan with a credit score of 600 or less?” The short answer? Yes. Still, financing a car with bad credit in Aurora, CO will come with some challenges. First off, not all lenders are willing to give a loan to someone with no or poor credit, so you may need to put in extra effort to find a lender who will work with you. Thankfully, myAutoloan has lending partners that specialize in bad credit loans.
When you find a lender in Colorado, you may see that your low credit score changes your loan. A poor credit score can result in limited borrowing and higher interest rates. This high interest rate will lead to higher monthly payments and total repayment. With our Interest Rate Estimator and Payment Calculator, you can see what the monthly payment on your Aurora loan might be before even applying.
Worried about your potential interest rate and monthly payment? You might want to look into boosting your credit score before applying for Aurora, Colorado auto loans. Take a look at our Guide to Better Credit for Auto Financing for information about credit scores and tips for quickly raising yours.
Find the Best Deal in Aurora, CO for Bad Credit Car Loans
A low credit score can raise the rate on your car loan, making it more critical than ever to compare lenders in Aurora, CO and find the right deal. myAutoloan wants to help you find the best loan — despite your credit history. All you have to do is select your offer type and complete or confidential and secure application. You'll see up to four loans at once so you can compare rates in minutes. After, you can select the right loan for you and visit any dealership in Aurora with cash in hand.
Ready to purchase a new ride? Bad credit doesn't have to get in the way. Apply today through myAutoloan and compare up to four Aurora, CO bad credit auto loans!