What Is Considered Bad Credit in Rockford, IL?
When you borrow money — like a car loan — Illinois lenders use your credit score to decide the likelihood of you repaying it. Many factors play 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 Rockford, IL lender will have its own guidelines for what's considered a low credit score, you are often seen as having bad credit if your score is lower than 600. Lenders will also be wary if you’ve experienced bankruptcy, repossession, or foreclosure.
Is it Possible to Get a Car Loan in Rockford, 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, you'll likely face some challenges financing a car with bad credit in Rockford, IL. First off, not every lender is willing to give a loan to someone with poor or no 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 changes your loan. A poor credit score might limit your borrowing and lead to higher interest rates. This high interest rate will also mean higher monthly payments and total repayment. Tools like our Interest Rate Estimator and Payment Calculator can help you see what the monthly payment on your Rockford loan could look like before even applying.
Concerned about your possible interest rate and monthly payment? You should look into boosting your credit score before you apply for Rockford, Illinois car loans. Study our Guide to Better Credit for Auto Financing for information about credit scores and tips for quickly raising yours.
Find the Best Deal in Rockford, IL for Bad Credit Car Loans
A low credit score can raise the rate on your car loan, making it more crucial than ever to compare costs and find the right loan in Rockford, IL. myAutoloan wants to make sure you find the best loan — regardless of your credit history. All you have to do is choose your offer type and fill out our secure, confidential application. You'll see up to four loans at once so you can compare rates in minutes. Finally, you can select the loan that looks best to you and head to your favorite Rockford dealership with cash in hand.
Need a new ride? Your poor credit doesn’t have to stop you. Apply today through myAutoloan and compare up to four Rockford, IL bad credit auto loans!