What Is Considered Bad Credit in Chicago Heights, IL?
When you borrow money — like a car loan — Illinois lenders look at your credit score to evaluate the chances of you repaying 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 Chicago Heights, IL lender has its own guidelines for what’s considered a poor credit score, you could be seen as having bad credit if your score is lower than 600. Lenders will also be worried if you’ve experienced bankruptcy, repossession, or foreclosure.
Can I Still Get a Car Loan in Chicago Heights, IL with Low Credit?
Many borrowers have asked, “Can I get a car loan with a credit score of 600 or less?” The short answer? Yes. However, you'll likely face some challenges financing a car with bad credit in Chicago Heights, IL. Most notably, not all lenders are willing to give a loan to someone with no or poor credit, so you may need to spend some extra time finding a lender who will help with your financing. The good news is that myAutoloan partners with lenders specializing in bad credit loans.
Once you find a lender in Illinois, you may discover your low credit score changes your loan. A poor credit score can limit your borrowing and result in higher interest rates. Higher interest rates will mean higher monthly payments and overall repayment. Use our Interest Rate Estimator and Payment Calculator to see what the monthly payment on your Chicago Heights loan might look like before completing an application.
Do your potential interest rate and monthly payment have you sweating? You may want to contemplate improving your credit score before applying for auto loans in Chicago Heights, Illinois. Check out 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 Chicago Heights, IL for Bad Credit Car Loans
A poor credit score can raise the rate on your car loan, making it more critical than ever to compare lenders in Chicago Heights, IL and find the right deal. At myAutoloan, we want to help you find the best loan — no matter your credit history. Simply choose your offer type and fill out our secure, confidential application. We'll show you up to four loans in minutes so you can easily compare rates. To finish, you can select the loan that looks best to you and visit any dealership in Chicago Heights with cash in hand.
Need a new ride? Bad credit doesn't have to stop you. Apply through myAutoloan now and review up to four Chicago Heights, IL bad credit car loans!