What Counts as Bad Credit in Tampa, FL?
When you apply for a car loan, mortgage, or another type of loan, Florida lenders look at your credit score to evaluate the probability that you'll repay it. Your credit score is calculated using many factors, including your repayment history, the number of accounts you have open, the age of your credit accounts, and any remaining loan balances. While each lender in Tampa, FL has its own benchmarks for what it considers a poor credit score, you are often seen as having bad credit if your score is less than 600. Lenders will also be nervous if you've gone through bankruptcy, repossession, or foreclosure.
Can I Still Get a Car Loan in Tampa, 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. Still, it's going to be harder to finance a car with bad credit in Tampa, FL. First off, not every lender offers poor or no credit loans, so you may need to put in extra effort to find a lender who will help with your financing. Thankfully, myAutoloan partners with lenders that specialize in bad credit loans.
Once you've chosen a lender in Florida, you may learn your low credit score affects your loan. A poor credit score might limit your borrowing and lead to higher interest rates. High interest rates also mean higher monthly payments and overall loan costs. With our Interest Rate Estimator and Payment Calculator, you can see what the monthly payment on your Tampa loan might be before even applying.
Concerned about your possible interest rate and monthly payment? You might want to contemplate boosting your credit score before you apply for Tampa, Florida car loans. Study our Guide to Better Credit for Auto Financing to learn about credit scores and how you can quickly raise yours.
Find the Best Deal on Bad Credit Car Loans in Tampa, FL
A bad credit score can raise the rate on your car loan, so it's more critical than ever to compare lenders in Tampa, FL and find the right deal. myAutoloan wants to make sure you find the best loan — regardless of your credit history. Simply choose your offer type and complete a confidential, secure application. We’ll show you up to four loans at a time so you can compare rates in minutes. After, you can select the loan that looks best to you and head down to your go-to dealership in Tampa with a check in hand.
Ready to purchase your next ride? Bad credit doesn't have to stop you. Apply with myAutoloan today and compare up to four bad credit auto loans in Tampa, FL!