What Is Considered Bad Credit in Columbia, KY?
When you apply for a car loan, mortgage, or another type of loan, lenders in Kentucky use your credit score to determine the likelihood of you repaying it. Many factors go into your credit score, 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 Columbia, KY will have its own guidelines for what it deems a poor credit score, you may be seen as having bad credit if your score sits under the 600 benchmark. Lenders will also be wary if you have a history of bankruptcy, foreclosure, or repossession.
Can I Still Get a Car Loan in Columbia, KY with Low Credit?
Many borrowers have asked, “Can I get a car loan with a credit score of 600 or less?” The short answer is yes. Still, it's going to be harder to finance a car with bad credit in Columbia, KY. To begin with, 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 inclined to work with you. Luckily, myAutoloan partners with lenders specializing in bad credit car loans.
When you find a lender in Kentucky, you may discover your low credit score changes your loan. A poor credit score can result in limited borrowing and higher interest rates. This high interest rate will lead to higher monthly payments and overall repayment. Our Interest Rate Estimator and Payment Calculator can help you see an estimate for the monthly payment on your Columbia loan before even applying.
Do your potential interest rate and monthly payment have you worried? You should look into increasing your credit score before you apply for Columbia, Kentucky car loans. 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 on Columbia, KY Poor Credit Car Loans
A low credit score can increase the rate on your car loan, making it more crucial than ever to compare costs and find the right loan in Columbia, KY. At myAutoloan, we want to help you find the best loan — no matter your credit history. All you have to do is choose your offer type and complete 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 loan that looks best to you and head to your local Columbia dealership with a check 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 Columbia, KY bad credit auto loans!