What Counts as Bad Credit in South Holland, IL?
When you borrow money — like a car loan — lenders in Illinois look at your credit score to evaluate how likely you are to repay it. Your credit score is calculated using many factors, 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 South Holland, IL has its own guidelines for what's considered a low credit score, you might 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 Get a Car Loan in South Holland, IL If I Have Bad Credit?
You're not the first car buyer to wonder, “Can I get a car loan with a credit score of 600 or less?” Yes, you can. Still, you'll likely face some challenges financing a car with bad credit in South Holland, IL. To begin with, not every lender feels comfortable giving loans to people with poor or no credit, so you may need to spend some extra time finding a lender who will work with you. Luckily, myAutoloan partners with lenders specializing in bad credit car loans.
Once you've chosen a lender in Illinois, you may see that your low credit score changes your loan. A poor credit score can result in limited borrowing and higher interest rates. High interest rates also mean higher monthly payments and total repayment. Use our Interest Rate Estimator and Payment Calculator to see an estimate for the monthly payment on your South Holland loan before filling out an application.
Do your potential interest rate and monthly payment have you worried? You should consider raising your credit score before applying for South Holland, Illinois auto loans. View our Guide to Better Credit for Auto Financing to learn about credit scores and how you can quickly raise yours.
Find the Best Deal on Bad Credit Car Loans in South Holland, IL
A low credit score can raise the rate on your car loan, making it more important than ever to compare costs to find the right deal in South Holland, IL. At myAutoloan, we want to help you find the best loan — regardless of your credit history. All you have to do is choose your offer type and complete or confidential and secure application. We'll show you up to four loans at once, allowing you to compare rates in minutes. Finally, you can select the right loan for you and visit any dealership in South Holland with cash in hand.
Ready to purchase a new ride? Bad credit doesn't have to stop you. Apply with myAutoloan today and compare up to four bad credit auto loans in South Holland, IL!