Do I Have Bad Credit in Longmont, CO?
When you apply for a car loan, mortgage, or another type of loan, Colorado lenders use your credit score to evaluate the probability that you'll repay it. Your credit score is calculated using many factors, including the number of open accounts you have, your repayment history, the age of your credit accounts, and any remaining loan balances. While each lender in Longmont, CO has its own criteria for what's considered a bad credit score, you could be seen as having bad credit if your score falls below 600. Lenders will also be more cautious if you've experienced repossession, bankruptcy, or foreclosure.
Can I Get a Car Loan in Longmont, CO If I Have Bad Credit?
Many borrowers have asked, “Can I get a car loan with a credit score of 600 or less?” The short answer is yes. However, financing a car with bad credit in Longmont, CO will come with some challenges. 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. Luckily, myAutoloan partners with lenders specializing in bad credit car loans.
Once you've chosen a lender in Colorado, you may discover 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 more spent over the life of the loan. Use our Interest Rate Estimator and Payment Calculator to see what the monthly payment on your Longmont loan might be before you apply.
Do your potential interest rate and monthly payment have you sweating? You might want to think about raising your credit score before you apply for Longmont, Colorado car loans. Check out our Guide to Better Credit for Auto Financing for information about credit scores and tips for quickly raising yours.
Find the Best Deal on Longmont, CO Poor Credit Car Loans
A poor credit score can increase your car loan rate, making it more critical than ever to compare lenders in Longmont, CO and find the right deal. myAutoloan wants to make sure you find the best loan — even without the best credit history. Simply choose 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. Finally, you can select the best loan for you and head to your local Longmont dealership with a loan in hand.
Ready to purchase your next ride? Poor credit shouldn't stop you. Apply now and compare up to four bad credit auto loans in Longmont, CO through myAutoloan!