How Do I Know If I Have Bad Credit in Frankfort, KY?
When you apply for any type of loan, lenders in Kentucky look at your credit score to decide the probability that you'll repay it. Many factors play into 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 every Frankfort, KY lender has its own criteria for what's considered a bad credit score, you might be seen as having bad credit if you have a score below 600. Lenders will also be wary if you've experienced repossession, bankruptcy, or foreclosure.
Is it Possible to Get a Car Loan in Frankfort, KY with Bad 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, you'll likely face some challenges financing a car with bad credit in Frankfort, KY. 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. Luckily, myAutoloan partners with lenders specializing in bad credit car loans.
Once you've found a lender in Kentucky, you may learn your low credit score impacts your loan. A poor credit score can limit your borrowing and result in higher interest rates. High interest rates also mean higher monthly payments and overall loan costs. Tools like our Interest Rate Estimator and Payment Calculator can help you see what the monthly payment on your Frankfort loan could look like before completing an application.
Concerned about your possible interest rate and monthly payment? You might want to consider boosting your credit score before you start applying for auto loans in Frankfort, Kentucky. Take a look at our Guide to Better Credit for Auto Financing to learn about credit scores and how you can quickly raise yours.
Find the Best Deal on Frankfort, KY Poor Credit Car Loans
A poor credit score can raise your car loan rate, making it more important than ever to compare lenders in Frankfort, KY and find the right deal. myAutoloan wants to make sure you find the best loan — no matter your credit history. All you need to do is select your offer type and complete a confidential, secure application. You'll see up to four loans at once so you can compare rates in minutes. To finish, you can select the loan that looks best to you and head to your favorite Frankfort dealership with a check in hand.
Ready to purchase a new ride? Bad credit doesn't have to get in the way. Apply through myAutoloan now and review up to four Frankfort, KY bad credit car loans!