How Do I Know If I Have Bad Credit in Des Moines, IA?
When you try to borrow money — like a car loan — Iowa lenders look at your credit score to decide the probability that you'll repay it. Many factors go into 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 Des Moines, IA lender has its own criteria for what's considered a bad credit score, you may be seen as having bad credit if you have a score below 600. Lenders will also be worried if you’ve experienced bankruptcy, repossession, or foreclosure.
Is it Possible to Get a Car Loan in Des Moines, IA 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 is yes. But, you'll likely face some challenges financing a car with bad credit in Des Moines, IA. For starters, not every lender is willing to give a loan to someone with poor or no credit, so you may need to put in some extra hours to find a lender who will work with you. Thankfully, myAutoloan has lending partners that specialize in bad credit loans.
Once you've chosen a lender in Iowa, you may learn your low credit score impacts 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 more spent over the life of the loan. Tools like our Interest Rate Estimator and Payment Calculator can help you see what the monthly payment on your Des Moines loan might look like before filling out an application.
Worried about your potential interest rate and monthly payment? You might want to think about increasing your credit score before applying for auto loans in Des Moines, Iowa. 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 Des Moines, IA
A bad credit score can increase the rate on your car loan, making it more critical than ever to compare lending options and find the right deal in Des Moines, IA. myAutoloan is here to help you find the best loan — no matter your credit history. All you have to do is select your offer type and complete or confidential and secure application. You'll see up to four loans at once so you can compare rates in minutes. To finish, you can choose the best loan for you and head to your favorite Des Moines dealership with money in hand.
Ready to purchase your next ride? Poor credit shouldn't stop you. Apply through myAutoloan now and review up to four Des Moines, IA bad credit car loans!