What Is Considered Bad Credit in Miami, FL?
When you try to borrow money — like a car loan — lenders in Florida look at your credit score to evaluate how likely you are to repay it. Many factors go into your credit score, including the number of open accounts you have, your repayment history, the age of your credit accounts, and any remaining loan balances. While every Miami, FL lender has its own benchmarks for what’s considered a poor credit score, you could be seen as having bad credit if your score falls below 600. Lenders will also be worried if you've gone through bankruptcy, repossession, or foreclosure.
Can I Still Get a Car Loan in Miami, 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 simple answer is yes. But, it's going to be harder to finance a car with bad credit in Miami, FL. To begin with, not every lender offers poor or no credit loans, so you may need to put in some extra hours to find a lender who will help with your financing. The good news is that myAutoloan partners with lenders specializing in bad credit loans.
Once you find a lender in Florida, you may learn your low credit score impacts 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 total repayment. Tools like our Interest Rate Estimator and Payment Calculator can help you see what the monthly payment on your Miami loan might be before filling out an application.
Worried about your potential interest rate and monthly payment? You may want to consider improving your credit score before applying for auto loans in Miami, Florida. View our Guide to Better Credit for Auto Financing for help understanding and quickly raising 7our credit.
Find the Best Deal in Miami, FL for Bad Credit Car Loans
A poor credit score can raise the rate on your car loan, so it's more critical than ever to compare lending options and find the right deal in Miami, FL. At myAutoloan, we want to help you find the best loan — regardless of your credit history. All you have to do is choose your offer type and complete or confidential and secure application. We’ll show you up to four loans at a time so you can compare rates in minutes. Finally, you can select the best loan for you and head down to your go-to dealership in Miami with cash in hand.
Why wait to get a new ride? Bad credit doesn't have to get in the way. Apply with myAutoloan today and compare up to four bad credit auto loans in Miami, FL!