What Counts as Bad Credit in Wood River, IL?
When you apply for any type of loan, lenders in Illinois look at your credit score to figure out how likely you are to repay it. Many factors influence your credit score, including your repayment history, the number of accounts you have open, the age of your credit accounts, and any remaining loan balances. While each Wood River, IL lender has its own criteria for what it deems a poor credit score, you could be seen as having bad credit if your score is less than 600. Lenders will also be wary if you’ve experienced bankruptcy, repossession, or foreclosure.
Is it Possible to Get a Car Loan in Wood River, IL with Bad Credit?
Many borrowers have asked, “Can I get a car loan with a credit score of 600 or less?” Yes, you can. Keep in mind, you'll likely face some challenges financing a car with bad credit in Wood River, IL. For starters, 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 find a lender in Illinois, you may discover your low credit score impacts your loan. A poor credit score can limit your borrowing and result in higher interest rates. This high interest rate will lead to larger monthly payments and total repayment. Tools like our Interest Rate Estimator and Payment Calculator can help you see an estimate for the monthly payment on your Wood River loan before filling out an application.
Worried about your potential interest rate and monthly payment? You should think about raising your credit score before applying for Wood River, Illinois auto loans. View our Guide to Better Credit for Auto Financing to better understand your credit score and how you can raise it.
Find the Best Deal in Wood River, IL for Bad Credit Car Loans
A poor credit score can raise your car loan rate, making it more crucial than ever to compare costs to find the right deal in Wood River, IL. myAutoloan is here to help you find the best loan — regardless of your credit history. All you have to do is select 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 choose the best loan for you and head to your favorite Wood River dealership with a check in hand.
Why wait to get a new ride? Your poor credit doesn’t have to stop you. Apply today through myAutoloan and compare up to four Wood River, IL bad credit auto loans!