What Counts as Bad Credit in Berwyn, IL?
When you apply for any type of loan, lenders in Illinois use your credit score to figure out how likely you are to 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 Berwyn, IL lender has its own criteria for what it considers a poor credit score, you might 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.
Can I Still Get a Car Loan in Berwyn, IL 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?” Yes, you can. Still, it's going to be harder to finance a car with bad credit in Berwyn, IL. First off, 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 inclined to work with you. The good news is that myAutoloan partners with lenders specializing in bad credit loans.
Once you find a lender in Illinois, you may learn your loan is impacted by your low credit score. A poor credit score can result in limited borrowing and higher interest rates. High interest rates also mean larger monthly payments and overall loan costs. Tools like our Interest Rate Estimator and Payment Calculator can help you see what the monthly payment on your Berwyn loan might look like before filling out an application.
Concerned about your possible interest rate and monthly payment? You may want to look into increasing your credit score before you apply for Berwyn, Illinois 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 Berwyn, IL
A low 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 Berwyn, IL. myAutoloan wants to help you find the best loan — regardless of your credit history. All you have to do is select your offer type and complete a confidential, secure application. You'll see up to four loans at once so you can compare rates in minutes. After, you can select the best loan for you and head to your favorite Berwyn dealership 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 Berwyn, IL!