What Counts as Bad Credit in Fort Lauderdale, FL?
When you borrow money — like a car loan — Florida lenders look at your credit score to figure out how likely you are to repay it. Many factors influence 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 Fort Lauderdale, FL lender has its own benchmarks for what it deems a poor credit score, you may be seen as having bad credit if your score sits under the 600 benchmark. Lenders will also be nervous if you've gone through bankruptcy, repossession, or foreclosure.
Can I Still Get a Car Loan in Fort Lauderdale, FL with Low 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. Still, you'll likely face some challenges financing a car with bad credit in Fort Lauderdale, FL. To begin with, not every lender feels comfortable giving loans to people with poor or no credit, so you may need to put in extra effort to find a lender willing to work with you. Thankfully, myAutoloan has lending partners that specialize in bad credit loans.
Once you've found a lender in Florida, you may see that your low credit score affects your loan. A poor credit score can limit your borrowing and result in higher interest rates. High interest rates also mean higher monthly payments and overall repayment. With our Interest Rate Estimator and Payment Calculator, you can see what the monthly payment on your Fort Lauderdale loan might be before you apply.
Worried about your potential interest rate and monthly payment? You may want to consider boosting your credit score before you start applying for auto loans in Fort Lauderdale, Florida. Study our Guide to Better Credit for Auto Financing for help understanding and quickly raising 7our credit.
Find the Best Deal on Fort Lauderdale, FL Poor Credit Car Loans
A bad credit score can increase the rate on your car loan, making it more crucial than ever to compare lenders in Fort Lauderdale, FL and find the right deal. myAutoloan is here to help you find the best loan — even without the best credit history. All you have to do is select your offer type and complete our secure, confidential application. We'll show you up to four loans at once, allowing you to compare rates in minutes. Then, you can select the loan that looks best to you and head to your local Fort Lauderdale dealership with money in hand.
Ready to purchase your next ride? Your poor credit doesn’t have to stop you. Apply today through myAutoloan and compare up to four Fort Lauderdale, FL bad credit auto loans!