Do I Have Bad Credit in Franklin, KY?
When you apply for any type of 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 number of open accounts you have, your repayment history, the age of your credit accounts, and any remaining loan balances. While every lender in Franklin, KY has its own criteria for what's considered a bad credit score, you could be seen as having bad credit if your score falls below 600. Lenders will also be more cautious if you have a history of bankruptcy, foreclosure, or repossession.
Can I Still Get a Car Loan in Franklin, KY with Bad Credit?
You’re not the first car buyer asking, “Can I get a car loan with a credit score of 600 or less?” The short answer is yes. But, it's going to be harder to finance a car with bad credit in Franklin, KY. For starters, not every lender feels comfortable giving loans to people with poor or no credit, so you may need to put in extra effort to find a lender who will help with your financing. Thankfully, myAutoloan partners with lenders that specialize in bad credit loans.
Once you've found a lender in Kentucky, you may see that 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 also mean higher monthly payments and more spent over the life of the loan. Our Interest Rate Estimator and Payment Calculator can help you see what the monthly payment on your Franklin loan might look like before even applying.
Worried about your potential interest rate and monthly payment? You should consider boosting your credit score before applying for auto loans in Franklin, Kentucky. 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 Bad Credit Car Loans in Franklin, KY
A low credit score can raise your car loan rate, so it's more critical than ever to compare lending options and find the right deal in Franklin, KY. myAutoloan is here to help you find the best loan — despite your credit history. Simply choose your offer type and complete a confidential, secure application. We'll show you up to four loans in minutes so you can easily compare rates. To finish, you can select the loan that looks best to you and head to your favorite Franklin dealership with a check in hand.
Why wait to get a new ride? Bad credit doesn't have to get in the way. Apply today through myAutoloan and compare up to four Franklin, KY bad credit auto loans!