What Is Considered Bad Credit in Carbondale, IL?
When you borrow money — like a car loan — Illinois lenders use your credit score to determine the chances of you repaying it. Many factors go 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 every Carbondale, IL lender has its own guidelines for what's considered a bad credit score, you could be seen as having bad credit if your score is lower than 600. Lenders will also be worried if you have a history of bankruptcy, foreclosure, or repossession.
Can I Still Get a Car Loan in Carbondale, IL with Bad 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. Keep in mind, it's going to be harder to finance a car with bad credit in Carbondale, IL. Most notably, not every lender offers poor or no credit loans, so you may need to spend some extra time finding a lender who will work with you. Thankfully, myAutoloan has lending partners that specialize in bad credit loans.
Once you've found a lender in Illinois, you may notice your low credit score affects 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 overall loan costs. Our Interest Rate Estimator and Payment Calculator can help you see what the monthly payment on your Carbondale loan might look like before completing an application.
Do your potential interest rate and monthly payment have you worried? You might want to contemplate improving your credit score before applying for auto loans in Carbondale, Illinois. Take a look at our Guide to Better Credit for Auto Financing to better understand your credit score and how you can raise it.
Find the Best Deal in Carbondale, IL for Bad Credit Car Loans
A low credit score can increase the rate on your car loan, making it more crucial than ever to compare costs to find the right deal in Carbondale, IL. myAutoloan wants to make sure you find the best loan — even without the best credit history. Simply choose your offer type and complete our secure, confidential application. You'll see up to four loans at once 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 Carbondale with a loan in hand.
Why wait to get a new ride? Your poor credit doesn’t have to stop you. Apply with myAutoloan today and compare up to four bad credit auto loans in Carbondale, IL!