What Counts as Bad Credit in Englewood, CO?
When you try to borrow money — like a car loan — Colorado lenders use your credit score to evaluate the chances of you repaying 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 each lender in Englewood, CO has its own benchmarks for what's considered a low credit score, you may be seen as having bad credit if you have a score below 600. Lenders will also be nervous if you've gone through bankruptcy, repossession, or foreclosure.
Is it Possible to Get a Car Loan in Englewood, CO 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 short answer? Yes. However, you'll likely face some challenges financing a car with bad credit in Englewood, CO. Most notably, 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. Luckily, myAutoloan partners with lenders specializing in bad credit car loans.
Once you've chosen a lender in Colorado, you may learn your low credit score changes your loan. You may have limited borrowing power and a higher interest rate due to your poor credit score. This high interest rate will also mean higher monthly payments and overall repayment. Tools like our Interest Rate Estimator and Payment Calculator can help you see what the monthly payment on your Englewood loan might be before completing an application.
Do your potential interest rate and monthly payment have you worried? You should contemplate boosting your credit score before you start applying for auto loans in Englewood, Colorado. 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 on Bad Credit Car Loans in Englewood, CO
A low credit score can increase the rate on your car loan, so it's more critical than ever to compare lenders in Englewood, CO and find the right deal. myAutoloan wants to make sure you find the best loan — even without the best credit history. All you have to do is choose your offer type and complete our secure, confidential application. We'll show you up to four loans in minutes so you can easily compare rates. To finish, you can select the best loan for you and head to your local Englewood dealership with a check in hand.
Need a new ride? Poor credit shouldn't stop you. Apply today through myAutoloan and compare up to four Englewood, CO bad credit auto loans!