What Is Considered Bad Credit in Pekin, IL?
When you apply for any type of loan, lenders in Illinois use your credit score to evaluate the likelihood 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 each Pekin, IL lender will have its own guidelines for what it considers a poor credit score, you may be seen as having bad credit if your score falls below 600. Lenders will also be worried if you have a history of bankruptcy, foreclosure, or repossession.
Can I Still Get a Car Loan in Pekin, 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. But, you'll likely face some challenges financing a car with bad credit in Pekin, IL. First off, 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. The good news is that myAutoloan partners with lenders specializing in bad credit loans.
Once you've found a lender in Illinois, you may see that your loan is impacted by your low credit score. A poor credit score can result in limited borrowing and higher interest rates. High interest rates also mean higher monthly payments and more spent over the life of the loan. With our Interest Rate Estimator and Payment Calculator, you can see what the monthly payment on your Pekin loan could look like before filling out an application.
Worried about your potential interest rate and monthly payment? You might want to think about increasing your credit score before you start applying for auto loans in Pekin, 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 in Pekin, IL for Bad Credit Car Loans
A bad credit score can increase the rate on your car loan, so it's more critical than ever to compare costs and find the right loan in Pekin, IL. myAutoloan is here to help you find the best loan — no matter your credit history. All you have to do is select your offer type and complete our secure, confidential application. You'll see up to four loans at once so you can compare rates in minutes. After, you can select the loan that looks best to you and head to your local Pekin dealership with cash in hand.
Why wait to get a new ride? Poor credit shouldn't stop you. Apply with myAutoloan today and compare up to four bad credit auto loans in Pekin, IL!