What Is Considered Bad Credit in Florence, KY?
When you apply for a car loan, mortgage, or another type of loan, Kentucky lenders look at your credit score to figure out the likelihood of you repaying it. Your credit score is calculated using many factors, including any remaining loan balances, your repayment history, the number of open accounts you have, and the age of your credit accounts. While each Florence, KY lender has its own benchmarks for what's considered a bad credit score, you might be seen as having bad credit if your score is lower than 600. Lenders will also be nervous if you have a history of bankruptcy, foreclosure, or repossession.
Can I Still Get a Car Loan in Florence, KY with Bad Credit?
Many borrowers have asked, “Can I get a car loan with a credit score of 600 or less?” The simple answer is yes. Still, financing a car in Florence, KY with bad credit won't necessarily be easy. To begin with, 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 find a lender in Kentucky, you may see that your low credit score changes your loan. A poor credit score can limit your borrowing and result in higher interest rates. Higher interest rates will mean higher monthly payments and overall repayment. Use our Interest Rate Estimator and Payment Calculator to see what the monthly payment on your Florence loan might be before filling out an application.
Concerned about your possible interest rate and monthly payment? You may want to think about improving your credit score before applying for Florence, Kentucky auto loans. View 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 Poor Credit Car Loans in Florence, KY
A low 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 Florence, KY. myAutoloan wants to help you find the best loan — despite your credit history. Simply choose 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. Finally, you can select the best loan for you and head to your local Florence dealership with a loan in hand.
Why wait to get a new ride? Bad credit doesn't have to stop you. Apply now and compare up to four bad credit auto loans in Florence, KY through myAutoloan!