How Do I Know If I Have Bad Credit in Chicago, IL?
When you apply for any type of loan, Illinois lenders use your credit score to determine the probability that you'll repay it. Your credit score is calculated using many factors, including the age of your credit accounts, the number of open accounts you have, any remaining loan balances, and your repayment history. While each lender in Chicago, IL has its own benchmarks for what it deems a poor credit score, you may be seen as having bad credit if your score is less than 600. Lenders will also be more cautious if you’ve experienced bankruptcy, repossession, or foreclosure.
Can I Still Get a Car Loan in Chicago, IL with Low Credit?
Many car buyers have asked, “Can I get a car loan with a credit score of 600 or less?” Yes, you can. However, it's going to be harder to finance a car with bad credit in Chicago, IL. For starters, not every lender offers poor or no credit loans, so you may need to put in extra effort to find a lender who will work with you. Luckily, myAutoloan partners with lenders specializing in bad credit car loans.
Once you've found a lender in Illinois, you may learn your low credit score changes your loan. A poor credit score can limit your borrowing and result in higher interest rates. This high interest rate will lead to higher monthly payments and more spent over the life of the loan. With our Interest Rate Estimator and Payment Calculator, you can see what the monthly payment on your Chicago loan might look like before filling out an application.
Do your potential interest rate and monthly payment have you worried? You might want to look into improving your credit score before you start applying for auto loans in Chicago, Illinois. Study our Guide to Better Credit for Auto Financing for help understanding and quickly raising 7our credit.
Find the Best Deal in Chicago, IL for Bad Credit Car Loans
A bad credit score can increase the rate on your car loan, making it more critical than ever to compare costs and find the right loan in Chicago, IL. myAutoloan wants to help you find the best loan — no matter your credit history. All you have to do is choose 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. To finish, you can select the right loan for you and visit any dealership in Chicago with money 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 Chicago, IL!