How Do I Know If I Have Bad Credit in Durango, CO?
When you apply for any type of loan, lenders in Colorado use your credit score to evaluate how likely you are to repay it. Many factors go into your credit score, including your repayment history, the number of accounts you have open, the age of your credit accounts, and any remaining loan balances. While every Durango, CO lender will have its own guidelines for what's considered a bad credit score, you might be seen as having bad credit if your score falls below 600. Lenders will also be nervous if you've experienced repossession, bankruptcy, or foreclosure.
Can I Still Get a Car Loan in Durango, CO with Bad Credit?
Many borrowers have asked, “Can I get a car loan with a credit score of 600 or less?” The simple answer is yes. Keep in mind, financing a car with bad credit in Durango, CO will come with some challenges. For starters, not every lender is willing to give a loan to someone with poor or no credit, so you may need to put in some extra hours 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 discover 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 larger monthly payments and overall loan costs. Tools like our Interest Rate Estimator and Payment Calculator can help you see what the monthly payment on your Durango loan might be before even applying.
Do your potential interest rate and monthly payment have you sweating? You might want to contemplate boosting your credit score before applying for auto loans in Durango, Colorado. Study our Guide to Better Credit for Auto Financing for information about credit scores and tips for quickly raising yours.
Find the Best Deal on Durango, CO Poor Credit Car Loans
A poor credit score can raise the rate on your car loan, making it more important than ever to compare costs and find the right loan in Durango, CO. myAutoloan wants to help you find the best loan — no matter 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 at a time so you can compare rates in minutes. Finally, you can choose the best loan for you and head down to your go-to dealership in Durango with cash in hand.
Ready to purchase a new ride? Poor credit shouldn't stop you. Apply today through myAutoloan and compare up to four Durango, CO bad credit auto loans!