What Is Considered Bad Credit in Joliet, IL?
When you apply for any type of loan, Illinois lenders use your credit score to figure out the chances of you repaying it. Many factors go 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 Joliet, IL lender has its own benchmarks for what's considered a low credit score, you might be seen as having bad credit if your score falls below 600. Lenders will also be wary if you’ve experienced bankruptcy, repossession, or foreclosure.
Can I Still Get a Car Loan in Joliet, IL with Bad Credit?
Many borrowers have asked, “Can I get a car loan with a credit score of 600 or less?” The simple answer is yes. But, financing a car with bad credit in Joliet, IL will come with some challenges. For starters, not every lender is willing to give a loan to someone with poor or no credit, so you may need to put in some extra hours to find a lender inclined to work with you. Thankfully, myAutoloan has lending partners that specialize in bad credit loans.
Once you've chosen a lender in Illinois, you may learn your loan is impacted by your low credit score. You may have limited borrowing power and a higher interest rate due to your poor credit score. High interest rates also mean higher monthly payments and more spent over the life of the loan. Tools like our Interest Rate Estimator and Payment Calculator can help you see an estimate for the monthly payment on your Joliet loan before filling out an application.
Do your potential interest rate and monthly payment have you worried? You might want to think about boosting your credit score before applying for auto loans in Joliet, Illinois. 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 in Joliet, 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 Joliet, IL. myAutoloan is here to help you find the best loan — despite your credit history. All you have to do is select your offer type and complete our secure, confidential application. We'll show you up to four loans in minutes so you can easily compare rates. Then, you can select the right loan for you and head down to your go-to dealership in Joliet with a loan in hand.
Ready to purchase your next ride? Bad credit doesn't have to get in the way. Apply with myAutoloan today and compare up to four bad credit auto loans in Joliet, IL!