Do I Have Bad Credit in Decatur, IL?
When you apply for a car loan, mortgage, or another type of loan, Illinois lenders use your credit score to determine the likelihood of you repaying it. Many factors play into your credit score, including any remaining loan balances, your repayment history, the number of open accounts you have, and the age of your credit accounts. While every lender in Decatur, IL has its own benchmarks for what it considers a poor credit score, you could be seen as having bad credit if your score sits under the 600 benchmark. Lenders will also be nervous if you’ve experienced bankruptcy, repossession, or foreclosure.
Can I Still Get a Car Loan in Decatur, IL with Low Credit?
Many car buyers have asked, “Can I get a car loan with a credit score of 600 or less?” The short answer? Yes. Keep in mind, it's going to be harder to finance a car with bad credit in Decatur, IL. First off, not every lender is willing to give a loan to someone with poor or no credit, so it may take some extra time to find a lender who will work with you. Luckily, myAutoloan partners with lenders specializing in bad credit car loans.
Once you've chosen a lender in Illinois, you may learn your loan is impacted by your low credit score. A poor credit score can limit your borrowing and result in higher interest rates. This high interest rate will also mean higher monthly payments and overall repayment. Use our Interest Rate Estimator and Payment Calculator to see what the monthly payment on your Decatur loan might be before you apply.
Concerned about your possible interest rate and monthly payment? You might want to think about boosting your credit score before applying for auto loans in Decatur, Illinois. View our Guide to Better Credit for Auto Financing for information about credit scores and tips for quickly raising yours.
Find the Best Deal on Bad Credit Car Loans in Decatur, IL
A bad credit score can raise the rate on your car loan, making it more critical than ever to compare costs and find the right loan in Decatur, IL. myAutoloan wants to make sure you find the best loan — no matter your credit history. All you need to do is select your offer type and complete or confidential and secure application. You'll see up to four loans at once so you can compare rates in minutes. Then, you can select the loan that looks best to you and head to your local Decatur dealership with a check in hand.
Need 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 Decatur, IL!