What Is Considered Bad Credit in Leesburg, FL?
When you try to borrow money — like a car loan — Florida lenders use your credit score to decide the probability that you'll 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 every lender in Leesburg, FL will have its own guidelines for what it considers 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.
Is it Possible to Get a Car Loan in Leesburg, FL with Bad Credit?
Many borrowers have asked, “Can I get a car loan with a credit score of 600 or less?” The simple answer is yes. But, it's going to be harder to finance a car with bad credit in Leesburg, FL. Most notably, not every lender offers poor or no credit loans, 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 find a lender in Florida, you may learn your low credit score changes your loan. A poor credit score can limit your borrowing and result in higher interest rates. This high interest rate will also mean higher monthly payments and total repayment. Tools like our Interest Rate Estimator and Payment Calculator can help you see what the monthly payment on your Leesburg loan might look like before filling out an application.
Do your potential interest rate and monthly payment have you sweating? You should contemplate increasing your credit score before you start applying for auto loans in Leesburg, Florida. View 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 Poor Credit Car Loans in Leesburg, FL
A poor credit score can increase the rate on your car loan, so it's more critical than ever to compare lenders in Leesburg, FL and find the right deal. myAutoloan wants to help you find the best loan — despite your credit history. All you have to do is select 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. To finish, you can choose the best loan for you and head to your local Leesburg dealership with cash in hand.
Need a new ride? Your poor credit doesn’t have to stop you. Apply today through myAutoloan and compare up to four Leesburg, FL bad credit auto loans!