Do I Have Bad Credit in Lafayette, IN?
When you apply for any type of loan, Indiana lenders look at your credit score to determine how likely you are to repay it. Many factors play 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 every lender in Lafayette, IN has its own benchmarks for what it considers a poor credit score, you are often seen as having bad credit if you have a score below 600. Lenders will also be more cautious if you’ve experienced bankruptcy, repossession, or foreclosure.
Can I Still Get a Car Loan in Lafayette, IN with Low Credit?
You're not the first car buyer to wonder, “Can I get a car loan with a credit score of 600 or less?” The short answer is yes. Still, you'll likely face some challenges financing a car with bad credit in Lafayette, IN. Most notably, not every lender offers poor or no credit loans, so you may need to spend some extra time finding a lender who will work with you. Thankfully, myAutoloan partners with lenders that specialize in bad credit loans.
When you find a lender in Indiana, you may notice your low credit score affects your loan. You may have limited borrowing power and a higher interest rate due to your poor credit score. Higher interest rates will mean higher monthly payments and overall repayment. Our Interest Rate Estimator and Payment Calculator can help you see an estimate for the monthly payment on your Lafayette loan before you apply.
Do your potential interest rate and monthly payment have you sweating? You might want to look into improving your credit score before you apply for Lafayette, Indiana car loans. 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 Poor Credit Car Loans in Lafayette, IN
A poor credit score can increase the rate on your car loan, making it more crucial than ever to compare lenders in Lafayette, IN and find the right deal. myAutoloan is here to help you find the best loan — regardless of your credit history. Simply choose your offer type and complete a confidential, secure application. We’ll show you up to four loans at a time so you can compare rates in minutes. Finally, you can select the loan that looks best to you and head to your favorite Lafayette dealership with a check in hand.
Need a new ride? Your poor credit doesn’t have to stop you. Apply through myAutoloan now and review up to four Lafayette, IN bad credit car loans!