How Do I Know If I Have Bad Credit in Grand Junction, CO?
When you try to borrow money — like a car loan — Colorado lenders use your credit score to decide the likelihood of you repaying 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 Grand Junction, CO lender will have 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 Grand Junction, CO with Low 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, it's going to be harder to finance a car with bad credit in Grand Junction, CO. 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 some extra hours to find a lender who will work with you. Thankfully, myAutoloan partners with lenders that specialize in bad credit loans.
Once you've chosen a lender in Colorado, you may learn your low credit score affects your loan. You may have limited borrowing power and a higher interest rate due to your poor credit score. High interest rates also mean larger monthly payments and total repayment. With our Interest Rate Estimator and Payment Calculator, you can see an estimate for the monthly payment on your Grand Junction loan before filling out an application.
Do your potential interest rate and monthly payment have you worried? You may want to contemplate raising your credit score before applying for auto loans in Grand Junction, Colorado. Check out our Guide to Better Credit for Auto Financing to better understand your credit score and how you can raise it.
Find the Best Deal in Grand Junction, CO for Bad Credit Car Loans
A poor credit score can increase the rate on your car loan, making it more important than ever to compare lenders in Grand Junction, CO and find the right deal. At myAutoloan, we want to help you find the best loan — despite your credit history. Simply 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. Then, you can select the best loan for you and head to your local Grand Junction dealership with a check in hand.
Need a new ride? Poor credit shouldn't stop you. Apply now and compare up to four bad credit auto loans in Grand Junction, CO through myAutoloan!