What Is Considered Bad Credit in Fort Collins, CO?
When you borrow money — like a car loan — lenders in Colorado use your credit score to evaluate the probability that you'll repay it. Many factors influence your credit score, including the number of open accounts you have, your repayment history, the age of your credit accounts, and any remaining loan balances. While each Fort Collins, CO lender will have its own guidelines for what it considers a poor credit score, you might be seen as having bad credit if your score sits under the 600 benchmark. Lenders will also be more cautious if you've experienced repossession, bankruptcy, or foreclosure.
Is it Possible to Get a Car Loan in Fort Collins, CO with Bad Credit?
Many car buyers have asked, “Can I get a car loan with a credit score of 600 or less?” The short answer is yes. Keep in mind, you'll likely face some challenges financing a car with bad credit in Fort Collins, CO. To begin with, not every lender feels comfortable giving loans to people with poor or no credit, so you may need to put in some extra hours to find a lender who will help with your financing. Thankfully, myAutoloan partners with lenders that specialize 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. Higher interest rates will mean higher monthly payments and more spent over the life of the loan. With our Interest Rate Estimator and Payment Calculator, you can see what the monthly payment on your Fort Collins loan could look like before you apply.
Do your potential interest rate and monthly payment have you worried? You should contemplate raising your credit score before you start applying for auto loans in Fort Collins, Colorado. Take a look at our Guide to Better Credit for Auto Financing for help understanding and quickly raising 7our credit.
Find the Best Deal on Fort Collins, CO Poor Credit Car Loans
A poor credit score can raise the rate on your car loan, so it's more critical than ever to compare costs and find the right loan in Fort Collins, CO. myAutoloan is here to help you find the best loan — despite your credit history. All you have to do is select your offer type and fill out our secure, confidential application. You'll see up to four loans at once so you can compare rates in minutes. To finish, you can choose the best loan for you and head to your favorite Fort Collins dealership with a check in hand.
Ready to purchase a new ride? Bad credit doesn't have to get in the way. Apply with myAutoloan today and compare up to four bad credit auto loans in Fort Collins, CO!