Do I Have Bad Credit in Fort Wayne, IN?
When you borrow money — like a car loan — Indiana 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 every lender in Fort Wayne, IN has its own guidelines for what's considered a low credit score, you might be seen as having bad credit if you have a score below 600. Lenders will also be wary if you've gone through bankruptcy, repossession, or foreclosure.
Can I Still Get a Car Loan in Fort Wayne, IN with Bad Credit?
Many borrowers have asked, “Can I get a car loan with a credit score of 600 or less?” The short answer is yes. Keep in mind, it's going to be harder to finance a car with bad credit in Fort Wayne, IN. For starters, not all lenders are willing to give a loan to someone with no or poor credit, so you may need to put in some extra hours to find a lender who will help with your financing. Thankfully, myAutoloan partners with lenders that specialize in bad credit loans.
Once you've chosen a lender in Indiana, you may see that your low credit score changes your loan. A poor credit score can result in limited borrowing and higher interest rates. Higher interest rates will mean larger monthly payments and overall loan costs. With our Interest Rate Estimator and Payment Calculator, you can see what the monthly payment on your Fort Wayne loan might be before you apply.
Do your potential interest rate and monthly payment have you sweating? You may want to look into increasing your credit score before applying for Fort Wayne, Indiana auto loans. Study 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 Fort Wayne, IN for Bad Credit Car Loans
A bad credit score can increase the rate on your car loan, so it's more critical than ever to compare lenders in Fort Wayne, IN and find the right deal. myAutoloan wants to make sure you find the best loan — even without the best credit history. All you need to do is select your offer type and complete a confidential, secure application. You'll see up to four loans at once so you can compare rates in minutes. Then, you can choose the best loan for you and head down to your go-to dealership in Fort Wayne with money in hand.
Why wait to get a new ride? Poor credit shouldn't stop you. Apply today through myAutoloan and compare up to four Fort Wayne, IN bad credit auto loans!