Do I Have Bad Credit in Springfield, IL?
When you borrow money — like a car loan — Illinois lenders use your credit score to figure out the probability that you'll repay it. Many factors go 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 each lender in Springfield, IL will have its own guidelines for what it considers a poor credit score, you may be seen as having bad credit if your score is less than 600. Lenders will also be wary if you have a history of bankruptcy, foreclosure, or repossession.
Can I Still Get a Car Loan in Springfield, 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. Still, it's going to be harder to finance a car with bad credit in Springfield, IL. First off, not every lender is willing to give a loan to someone with poor or no credit, so you may need to put in extra effort to find a lender inclined to work with you. Luckily, myAutoloan partners with lenders specializing in bad credit car loans.
When you find a lender in Illinois, you may see that your low credit score impacts 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 repayment. With our Interest Rate Estimator and Payment Calculator, you can see an estimate for the monthly payment on your Springfield loan before you apply.
Do your potential interest rate and monthly payment have you sweating? You may want to consider boosting your credit score before you start applying for auto loans in Springfield, 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 Springfield, IL Poor Credit Car Loans
A poor 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 Springfield, IL. myAutoloan is here to help you find the best loan — despite your credit history. All you have to do is 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 select the best loan for you and head to your favorite Springfield dealership with a check in hand.
Need a new ride? Bad credit doesn't have to get in the way. Apply today through myAutoloan and compare up to four Springfield, IL bad credit auto loans!