What Is Considered Bad Credit in Jerome, ID?
When you borrow money — like a car loan — Idaho lenders use your credit score to decide the likelihood of you repaying it. Your credit score is calculated using many factors, including the number of open accounts you have, your repayment history, the age of your credit accounts, and any remaining loan balances. While each Jerome, ID lender has its own benchmarks for what’s considered a poor credit score, you could be seen as having bad credit if your score is less than 600. Lenders will also be nervous if you've experienced repossession, bankruptcy, or foreclosure.
Can I Still Get a Car Loan in Jerome, ID 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 simple answer is yes. But, financing a car with bad credit in Jerome, ID will come with some challenges. Most notably, not every lender is willing to give a loan to someone with poor or no credit, so you may need to spend some extra time finding a lender willing to work with you. Thankfully, myAutoloan has lending partners that specialize in bad credit loans.
Once you've found a lender in Idaho, you may discover your low credit score affects your loan. A poor credit score can limit your borrowing and result in higher interest rates. This high interest rate will lead to larger monthly payments and overall repayment. With our Interest Rate Estimator and Payment Calculator, you can see what the monthly payment on your Jerome loan might look like before completing an application.
Concerned about your possible interest rate and monthly payment? You may want to think about improving your credit score before you apply for Jerome, Idaho 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 Jerome, ID
A low credit score can increase your car loan rate, making it more crucial than ever to compare lenders in Jerome, ID and find the right deal. myAutoloan wants to make sure you find the best loan — even without the best credit history. Simply choose your offer type and complete or confidential and secure application. We'll show you up to four loans in minutes so you can easily compare rates. After, you can select the loan that looks best to you and head down to your go-to dealership in Jerome with a check in hand.
Ready to purchase a new ride? Bad credit doesn't have to stop you. Apply today through myAutoloan and compare up to four Jerome, ID bad credit auto loans!