How Do I Know If I Have Bad Credit in Gainesville, FL?
When you apply for a car loan, mortgage, or another type of loan, lenders in Florida look at your credit score to figure out how likely you are to repay it. Many factors play 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 Gainesville, FL lender has its own guidelines for what's considered a low credit score, you could be seen as having bad credit if your score is lower than 600. Lenders will also be nervous if you've experienced repossession, bankruptcy, or foreclosure.
Can I Still Get a Car Loan in Gainesville, FL with Low Credit?
You're not the first car buyer to wonder, “Can I get a car loan with a credit score of 600 or less?” The short answer is yes. But, financing a car in Gainesville, FL with bad credit won't necessarily be easy. For starters, not every lender offers poor or no credit loans, so you may need to put in some extra hours to find a lender willing to work with you. Thankfully, myAutoloan partners with lenders that specialize in bad credit loans.
Once you've chosen a lender in Florida, you may learn your loan is impacted by your low credit score. A poor credit score might limit your borrowing and lead to higher interest rates. Higher interest rates will mean larger monthly payments and overall repayment. With our Interest Rate Estimator and Payment Calculator, you can see an estimate for the monthly payment on your Gainesville loan before even applying.
Do your potential interest rate and monthly payment have you sweating? You might want to consider raising your credit score before you apply for Gainesville, Florida car loans. Study our Guide to Better Credit for Auto Financing to better understand your credit score and how you can raise it.
Find the Best Deal on Bad Credit Car Loans in Gainesville, FL
A poor credit score can raise the rate on your car loan, so it's more critical than ever to compare lenders in Gainesville, FL and find the right deal. At myAutoloan, we want to help you find the best loan — regardless of your credit history. All you need 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 best loan for you and head to your local Gainesville dealership with cash in hand.
Ready to purchase your next ride? Poor credit shouldn't stop you. Apply through myAutoloan now and review up to four Gainesville, FL bad credit car loans!