What Counts as Bad Credit in Oakland, IA?
When you apply for a car loan, mortgage, or another type of loan, Iowa lenders use your credit score to determine the probability that you'll repay it. Your credit score is calculated using many factors, including your repayment history, the number of accounts you have open, the age of your credit accounts, and any remaining loan balances. While each lender in Oakland, IA has its own guidelines for what's considered a low credit score, you are often seen as having bad credit if your score sits under the 600 benchmark. Lenders will also be nervous if you've gone through bankruptcy, repossession, or foreclosure.
Can I Still Get a Car Loan in Oakland, IA with Bad Credit?
Many borrowers have asked, “Can I get a car loan with a credit score of 600 or less?” The short answer? Yes. Keep in mind, financing a car in Oakland, IA with bad credit won't necessarily be easy. First off, not every lender feels comfortable giving loans to people with poor or no credit, so it may take some extra time to find a lender who will help with your financing. The good news is that myAutoloan partners with lenders specializing in bad credit loans.
Once you find a lender in Iowa, you may notice your low credit score impacts your loan. A poor credit score might limit your borrowing and lead to higher interest rates. Higher interest rates will mean higher monthly payments and more spent over the life of the loan. Our Interest Rate Estimator and Payment Calculator can help you see what the monthly payment on your Oakland loan might be before completing an application.
Worried about your potential interest rate and monthly payment? You may want to think about increasing your credit score before applying for Oakland, Iowa 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 on Bad Credit Car Loans in Oakland, IA
A poor credit score can raise the rate on your car loan, making it more important than ever to compare lending options and find the right deal in Oakland, IA. myAutoloan is here to help you find the best loan — despite your credit history. All you have to do is choose your offer type and fill out our secure, confidential application. You'll see up to four loans at once so you can compare rates in minutes. Finally, you can select the right loan for you and head to your local Oakland dealership with a loan in hand.
Ready to purchase your next ride? Poor credit shouldn't stop you. Apply today through myAutoloan and compare up to four Oakland, IA bad credit auto loans!