Do I Have Bad Credit in Merrillville, IN?
When you try to borrow money — like a car loan — Indiana lenders look at your credit score to determine how likely you are to repay it. Many factors influence your credit score, including the age of your credit accounts, the number of open accounts you have, any remaining loan balances, and your repayment history. While each lender in Merrillville, IN has its own benchmarks for what’s considered a poor credit score, you may be seen as having bad credit if your score falls below 600. Lenders will also be nervous if you've experienced repossession, bankruptcy, or foreclosure.
Is it Possible to Get a Car Loan in Merrillville, 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. But, it's going to be harder to finance a car with bad credit in Merrillville, IN. To begin with, not every lender offers poor or no credit loans, 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.
When you find a lender in Indiana, you may discover your low credit score changes your loan. A poor credit score might limit your borrowing and lead to higher interest rates. This high interest rate will lead to higher monthly payments and total repayment. With our Interest Rate Estimator and Payment Calculator, you can see an estimate for the monthly payment on your Merrillville loan before completing an application.
Concerned about your possible interest rate and monthly payment? You should think about raising your credit score before applying for Merrillville, Indiana 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 on Bad Credit Car Loans in Merrillville, IN
A poor credit score can increase your car loan rate, making it more important than ever to compare costs to find the right deal in Merrillville, IN. myAutoloan wants to help you find the best loan — regardless of your credit history. All you have to do is select your offer type and complete a confidential, 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 local Merrillville dealership with money in hand.
Why wait to get a new ride? Bad credit doesn't have to stop you. Apply today through myAutoloan and compare up to four Merrillville, IN bad credit auto loans!