Do I Have Bad Credit in Covington, KY?
When you borrow money — like a car loan — Kentucky lenders use your credit score to figure out the probability that you'll repay it. Many factors influence 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 Covington, KY lender will have its own guidelines for what's considered a bad credit score, you could be seen as having bad credit if your score is lower than 600. Lenders will also be wary if you have a history of bankruptcy, foreclosure, or repossession.
Can I Still Get a Car Loan in Covington, KY with Low Credit?
You're not the first car buyer to wonder, “Can I get a car loan with a credit score of 600 or less?” The short answer is yes. However, financing a car with bad credit in Covington, KY will come with some challenges. Most notably, not every lender offers poor or no credit loans, so you may need to put in extra effort to find a lender inclined to work with you. The good news is that myAutoloan partners with lenders specializing in bad credit loans.
Once you've found a lender in Kentucky, you may see that your low credit score impacts 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. Tools like our Interest Rate Estimator and Payment Calculator can help you see what the monthly payment on your Covington loan could look like before you apply.
Do your potential interest rate and monthly payment have you worried? You might want to think about boosting your credit score before applying for auto loans in Covington, Kentucky. Check out our Guide to Better Credit for Auto Financing for help understanding and quickly raising 7our credit.
Find the Best Deal on Bad Credit Car Loans in Covington, KY
A poor credit score can increase your car loan rate, making it more important than ever to compare lending options and find the right deal in Covington, KY. myAutoloan wants to make sure you find the best loan — even without the best credit history. All you need to do is select your offer type and complete or confidential and secure application. We'll show you up to four loans in minutes so you can easily compare rates. To finish, you can choose the best loan for you and head to your local Covington dealership with cash in hand.
Need a new ride? Poor credit shouldn't stop you. Apply now and compare up to four bad credit auto loans in Covington, KY through myAutoloan!