How Do I Know If I Have Bad Credit in Evansville, IN?
When you borrow money — like a car loan — lenders in Indiana look at your credit score to evaluate the probability that you'll repay it. Many factors go into your credit score, including the number of open accounts you have, your repayment history, the age of your credit accounts, and any remaining loan balances. While each Evansville, IN lender has its own criteria for what's considered a bad credit score, you might 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 Evansville, IN with Bad Credit?
Many car buyers have asked, “Can I get a car loan with a credit score of 600 or less?” The short answer? Yes. Still, it's going to be harder to finance a car with bad credit in Evansville, IN. Most notably, not all lenders are willing to give a loan to someone with no or poor 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.
When you find a lender in Indiana, you may notice your low credit score affects your loan. A poor credit score can limit your borrowing and result in higher interest rates. High interest rates also mean higher monthly payments and overall repayment. Our Interest Rate Estimator and Payment Calculator can help you see what the monthly payment on your Evansville loan could look like before you apply.
Concerned about your possible interest rate and monthly payment? You may want to look into increasing your credit score before you start applying for auto loans in Evansville, Indiana. 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 in Evansville, IN for Bad Credit Car Loans
A poor credit score can increase the rate on your car loan, making it more crucial than ever to compare lenders in Evansville, IN and find the right deal. myAutoloan wants to make sure you find the best loan — even without the best credit history. Simply choose your offer type and fill out 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 loan that looks best to you and head to your favorite Evansville dealership with cash in hand.
Why wait to get a new ride? Bad credit doesn't have to stop you. Apply through myAutoloan now and review up to four Evansville, IN bad credit car loans!