Do I Have Bad Credit in Jacksonville, FL?
When you borrow money — like a car loan — Florida lenders use your credit score to figure out the likelihood of you repaying it. Your credit score is calculated using many factors, including any remaining loan balances, your repayment history, the number of open accounts you have, and the age of your credit accounts. While each Jacksonville, FL lender has its own benchmarks for what it deems a poor credit score, you are often seen as having bad credit if your score is lower than 600. Lenders will also be worried if you have a history of bankruptcy, foreclosure, or repossession.
Can I Still Get a Car Loan in Jacksonville, FL with Low Credit?
Many borrowers have asked, “Can I get a car loan with a credit score of 600 or less?” The short answer is yes. Keep in mind, financing a car with bad credit in Jacksonville, FL will come with some challenges. Most notably, not every lender feels comfortable giving loans to people with poor or no credit, so you may need to spend some extra time finding a lender inclined to work with you. Thankfully, myAutoloan partners with lenders that specialize in bad credit loans.
Once you find a lender in Florida, you may see that 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 higher monthly payments and more spent over the life of the loan. Our Interest Rate Estimator and Payment Calculator can help you see what the monthly payment on your Jacksonville loan might be before completing an application.
Concerned about your possible interest rate and monthly payment? You should consider improving your credit score before you apply for Jacksonville, Florida car loans. Check out our Guide to Better Credit for Auto Financing for help understanding and quickly raising 7our credit.
Find the Best Deal in Jacksonville, FL for Bad Credit Car Loans
A bad credit score can raise the rate on your car loan, making it more critical than ever to compare costs and find the right loan in Jacksonville, FL. At myAutoloan, we want to help you find the best loan — despite your 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. After, you can choose the best loan for you and head down to your go-to dealership in Jacksonville with money in hand.
Need a new ride? Your poor credit doesn’t have to stop you. Apply with myAutoloan today and compare up to four bad credit auto loans in Jacksonville, FL!