What Counts as Bad Credit in Matteson, IL?
When you apply for any type of loan, Illinois lenders use your credit score to evaluate the chances of you repaying it. Many factors influence 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 Matteson, IL will have its own guidelines for what it considers a poor credit score, you might be seen as having bad credit if you have a score below 600. Lenders will also be more cautious if you have a history of bankruptcy, foreclosure, or repossession.
Can I Still Get a Car Loan in Matteson, IL with Bad Credit?
Many borrowers have asked, “Can I get a car loan with a credit score of 600 or less?” The short answer is yes. Keep in mind, financing a car in Matteson, IL with bad credit won't necessarily be easy. For starters, not all lenders are willing to give a loan to someone with no or poor 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 found a lender in Illinois, you may discover your low credit score affects your loan. 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 more spent over the life of the loan. Tools like our Interest Rate Estimator and Payment Calculator can help you see what the monthly payment on your Matteson loan might look like before filling out an application.
Do your potential interest rate and monthly payment have you worried? You should contemplate increasing your credit score before applying for auto loans in Matteson, Illinois. View our Guide to Better Credit for Auto Financing to better understand your credit score and how you can raise it.
Find the Best Deal on Matteson, IL Poor Credit Car Loans
A low credit score can increase the rate on your car loan, making it more important than ever to compare lenders in Matteson, IL and find the right deal. 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 fill out our secure, confidential application. We’ll show you up to four loans at a time so you can compare rates in minutes. After, you can select the right loan for you and head to your favorite Matteson dealership with a loan in hand.
Why wait to get a new ride? Bad credit doesn't have to stop you. Apply now and compare up to four bad credit auto loans in Matteson, IL through myAutoloan!