What Is Considered Bad Credit in Morton, IL?
When you borrow money — like a car loan — Illinois lenders look at your credit score to decide the chances of you repaying it. Many factors play into your credit score, including your repayment history, the number of accounts you have open, the age of your credit accounts, and any remaining loan balances. While each lender in Morton, IL will have its own guidelines for what’s considered a poor credit score, you might be seen as having bad credit if your score is less than 600. Lenders will also be nervous if you've gone through bankruptcy, repossession, or foreclosure.
Can I Still Get a Car Loan in Morton, IL with Low Credit?
Many borrowers have asked, “Can I get a car loan with a credit score of 600 or less?” The simple answer is yes. Keep in mind, financing a car in Morton, IL with bad credit won't necessarily be easy. For starters, not every lender is willing to give a loan to someone with poor or no credit, so you may need to spend some extra time finding a lender willing to work with you. Thankfully, myAutoloan partners with lenders that specialize in bad credit loans.
When you find 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. High interest rates also mean larger monthly payments and overall loan costs. Use our Interest Rate Estimator and Payment Calculator to see an estimate for the monthly payment on your Morton loan before completing an application.
Worried about your potential interest rate and monthly payment? You should contemplate raising your credit score before applying for auto loans in Morton, Illinois. Take a look at 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 Poor Credit Car Loans in Morton, IL
A bad credit score can increase the rate on your car loan, so it's more critical than ever to compare costs to find the right deal in Morton, IL. myAutoloan wants to help you find the best loan — no matter your credit history. Simply choose 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. After, you can choose the best loan for you and head to your favorite Morton dealership with a check in hand.
Need a new ride? Bad credit doesn't have to get in the way. Apply through myAutoloan now and review up to four Morton, IL bad credit car loans!