What Counts as Bad Credit in Berea, KY?
When you borrow money — like a car loan — lenders in Kentucky look at your credit score to decide the chances of you repaying 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 every lender in Berea, KY has its own guidelines for what it considers a poor credit score, you may be seen as having bad credit if your score falls below 600. Lenders will also be wary if you've gone through bankruptcy, repossession, or foreclosure.
Can I Still Get a Car Loan in Berea, KY 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. Still, you'll likely face some challenges financing a car with bad credit in Berea, KY. First off, not every lender is willing to give a loan to someone with poor or no credit, so you may need to put in extra effort to find a lender who will work with you. Thankfully, myAutoloan has lending partners that specialize in bad credit loans.
When you find a lender in Kentucky, 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 also mean higher monthly payments and more spent over the life of the loan. Use our Interest Rate Estimator and Payment Calculator to see what the monthly payment on your Berea loan could look like before even applying.
Do your potential interest rate and monthly payment have you sweating? You may want to contemplate increasing your credit score before you start applying for auto loans in Berea, Kentucky. Check out our Guide to Better Credit for Auto Financing for information about credit scores and tips for quickly raising yours.
Find the Best Deal in Berea, KY for Bad Credit Car Loans
A poor credit score can increase your car loan rate, making it more crucial than ever to compare costs to find the right deal in Berea, KY. At myAutoloan, we want to help you find the best loan — even without the best 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. To finish, you can select the loan that looks best to you and head to your local Berea dealership with a loan 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 Berea, KY bad credit auto loans!