What Is Considered Bad Credit in Park Ridge, IL?
When you apply for a car loan, mortgage, or another type of loan, lenders in Illinois look at your credit score to determine how likely you are to repay it. Many factors influence your credit score, including the number of open accounts you have, your repayment history, the age of your credit accounts, and any remaining loan balances. While each Park Ridge, IL lender will have its own guidelines for what's considered a low credit score, you could 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 Park Ridge, IL with Low Credit?
You’re not the first car buyer asking, “Can I get a car loan with a credit score of 600 or less?” Yes, you can. Still, financing a car in Park Ridge, IL with bad credit won't necessarily be easy. Most notably, not every lender offers poor or no credit loans, so you may need to put in some extra hours to find a lender who will help with your financing. Thankfully, myAutoloan has lending partners that specialize in bad credit loans.
Once you find a lender in Illinois, you may notice your low credit score affects your loan. A poor credit score can result in limited borrowing and higher interest rates. This high interest rate will also mean higher monthly payments and overall loan costs. Tools like our Interest Rate Estimator and Payment Calculator can help you see what the monthly payment on your Park Ridge loan might be before filling out an application.
Concerned about your possible interest rate and monthly payment? You might want to look into boosting your credit score before you start applying for auto loans in Park Ridge, 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 on Bad Credit Car Loans in Park Ridge, IL
A low credit score can raise the rate on your car loan, making it more critical than ever to compare lenders in Park Ridge, IL and find the right deal. myAutoloan wants to make sure you find the best loan — despite your credit history. Simply choose your offer type and complete or confidential and secure application. We’ll show you up to four loans at a time so you can compare rates in minutes. Then, you can choose the best loan for you and head to your favorite Park Ridge dealership with a check in hand.
Ready to purchase a new ride? Your poor credit doesn’t have to stop you. Apply through myAutoloan now and review up to four Park Ridge, IL bad credit car loans!