What Is Considered Bad Credit in Henderson, KY?
When you apply for a car loan, mortgage, or another type of loan, Kentucky lenders use your credit score to evaluate the likelihood of you repaying it. Many factors play into your credit score, including any remaining loan balances, your repayment history, the number of open accounts you have, and the age of your credit accounts. While each Henderson, KY lender has its own guidelines for what's considered a bad credit score, you are often seen as having bad credit if your score falls below 600. Lenders will also be more cautious if you've gone through bankruptcy, repossession, or foreclosure.
Can I Still Get a Car Loan in Henderson, 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. However, financing a car with bad credit in Henderson, KY will come with some challenges. To begin with, not every lender offers poor or no credit loans, so it may take some extra time to find a lender who will help with your financing. Thankfully, myAutoloan partners with lenders that specialize in bad credit loans.
Once you find a lender in Kentucky, you may learn your loan is impacted by your low credit score. A poor credit score might limit your borrowing and lead to higher interest rates. Higher interest rates will mean higher monthly payments and more spent over the life of the loan. With our Interest Rate Estimator and Payment Calculator, you can see what the monthly payment on your Henderson loan might look like before completing an application.
Worried about your potential interest rate and monthly payment? You should contemplate improving your credit score before you start applying for auto loans in Henderson, Kentucky. Check out our Guide to Better Credit for Auto Financing to better understand your credit score and how you can raise it.
Find the Best Deal in Henderson, KY for Bad Credit Car Loans
A low credit score can raise the rate on your car loan, making it more important than ever to compare lenders in Henderson, KY and find the right deal. myAutoloan wants to help you find the best loan — no matter your credit history. Simply choose your offer type and complete or confidential and secure application. We'll show you up to four loans at once, allowing you to compare rates in minutes. To finish, you can select the loan that looks best to you and visit any dealership in Henderson with a loan in hand.
Why wait to get a new ride? Your poor credit doesn’t have to stop you. Apply through myAutoloan now and review up to four Henderson, KY bad credit car loans!