How Do I Know If I Have Bad Credit in Ames, IA?
When you apply for a car loan, mortgage, or another type of loan, Iowa lenders look at your credit score to figure out how likely you are to repay it. Your credit score is calculated using many factors, including the number of open accounts you have, your repayment history, the age of your credit accounts, and any remaining loan balances. While each lender in Ames, IA has its own benchmarks for what's considered a low credit score, you are often seen as having bad credit if your score is less than 600. Lenders will also be more cautious if you've experienced repossession, bankruptcy, or foreclosure.
Can I Get a Car Loan in Ames, IA If I Have 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 Ames, IA. To begin with, 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 inclined to work with you. Thankfully, myAutoloan has lending partners that specialize in bad credit loans.
When you find a lender in Iowa, you may learn your low credit score changes your loan. A poor credit score can limit your borrowing and result in higher interest rates. Higher interest rates will mean larger monthly payments and total repayment. Tools like our Interest Rate Estimator and Payment Calculator can help you see what the monthly payment on your Ames loan could look like before even applying.
Worried about your potential interest rate and monthly payment? You may want to contemplate boosting your credit score before you apply for Ames, Iowa car loans. Study our Guide to Better Credit for Auto Financing to learn about credit scores and how you can quickly raise yours.
Find the Best Deal on Poor Credit Car Loans in Ames, IA
A bad credit score can raise your car loan rate, making it more critical than ever to compare costs and find the right loan in Ames, IA. myAutoloan wants to help you find the best loan — despite your credit history. All you have to do is select your offer type and fill out our secure, confidential application. We’ll show you up to four loans at a time so you can compare rates in minutes. Then, you can select the best loan for you and head to your favorite Ames dealership with money in hand.
Ready to purchase a new ride? Bad credit doesn't have to stop you. Apply today through myAutoloan and compare up to four Ames, IA bad credit auto loans!