What Is Considered Bad Credit in Aurora, IL?
When you try to borrow money — like a car loan — Illinois lenders use your credit score to decide the chances of you repaying it. Many factors play into your credit score, including the age of your credit accounts, the number of open accounts you have, any remaining loan balances, and your repayment history. While each Aurora, IL lender has its own benchmarks for what's considered a bad credit score, you might be seen as having bad credit if your score is lower than 600. Lenders will also be wary if you’ve experienced bankruptcy, repossession, or foreclosure.
Can I Still Get a Car Loan in Aurora, IL with Low Credit?
Many borrowers have asked, “Can I get a car loan with a credit score of 600 or less?” Yes, you can. However, financing a car in Aurora, IL with bad credit won't necessarily be easy. First off, 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 work with you. The good news is that myAutoloan partners with lenders specializing in bad credit loans.
When you find a lender in Illinois, you may notice your low credit score impacts your loan. You may have limited borrowing power and a higher interest rate due to your poor credit score. High interest rates also mean larger monthly payments and overall repayment. Tools like our Interest Rate Estimator and Payment Calculator can help you see what the monthly payment on your Aurora loan might be before filling out an application.
Concerned about your possible interest rate and monthly payment? You may want to consider boosting your credit score before applying for auto loans in Aurora, Illinois. 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 in Aurora, IL for Bad Credit Car Loans
A low credit score can raise the rate on your car loan, making it more important than ever to compare lending options and find the right deal in Aurora, IL. At myAutoloan, we want to help you find the best loan — even without the best credit history. All you need to do is select 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 right loan for you and head down to your go-to dealership in Aurora with money in hand.
Ready to purchase 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 Aurora, IL!