Do I Have Bad Credit in Denver, CO?
When you apply for a car loan, mortgage, or another type of loan, lenders in Colorado use your credit score to evaluate how likely you are to repay it. Many factors influence your credit score, including any remaining loan balances, your repayment history, the number of open accounts you have, and the age of your credit accounts. While every Denver, CO lender has its own criteria for what it deems a poor credit score, you could be seen as having bad credit if you have a score below 600. Lenders will also be more cautious if you have a history of bankruptcy, foreclosure, or repossession.
Can I Still Get a Car Loan in Denver, CO with Low Credit?
You're not the first car buyer to wonder, “Can I get a car loan with a credit score of 600 or less?” The simple answer is yes. Keep in mind, you'll likely face some challenges financing a car with bad credit in Denver, CO. Most notably, 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 work with you. The good news is that myAutoloan partners with lenders specializing in bad credit loans.
Once you've found a lender in Colorado, you may learn your low credit score affects your loan. A poor credit score can limit your borrowing and result in higher interest rates. This high interest rate will also mean larger monthly payments and total repayment. Use our Interest Rate Estimator and Payment Calculator to see an estimate for the monthly payment on your Denver loan before filling out an application.
Do your potential interest rate and monthly payment have you worried? You might want to look into improving your credit score before applying for auto loans in Denver, Colorado. Take a look at 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 Denver, CO
A bad credit score can raise your car loan rate, making it more critical than ever to compare costs and find the right loan in Denver, CO. myAutoloan is here to help you find the best loan — regardless of your credit history. All you have to do is choose 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. To finish, you can select the loan that looks best to you and head down to your go-to dealership in Denver with a loan in hand.
Need a new ride? Your poor credit doesn’t have to stop you. Apply now and compare up to four bad credit auto loans in Denver, CO through myAutoloan!