What Counts as Bad Credit in Jeffersontown, KY?
When you apply for a car loan, mortgage, or another type of loan, Kentucky lenders look at your credit score to decide the chances of you repaying it. Many factors go into 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 Jeffersontown, KY has its own guidelines for what it considers a poor credit score, you might be seen as having bad credit if your score is lower than 600. Lenders will also be nervous if you’ve experienced bankruptcy, repossession, or foreclosure.
Can I Still Get a Car Loan in Jeffersontown, KY with Bad Credit?
Many car buyers have asked, “Can I get a car loan with a credit score of 600 or less?” Yes, you can. Keep in mind, you'll likely face some challenges financing a car with bad credit in Jeffersontown, KY. For starters, not all lenders are willing to give a loan to someone with no or poor credit, so you may need to spend some extra time finding a lender inclined to work with you. Luckily, myAutoloan partners with lenders specializing in bad credit car loans.
Once you find a lender in Kentucky, you may see that your loan is impacted by your low credit score. A poor credit score might limit your borrowing and lead to higher interest rates. This high interest rate will also mean higher monthly payments and overall repayment. Tools like our Interest Rate Estimator and Payment Calculator can help you see an estimate for the monthly payment on your Jeffersontown loan before completing an application.
Worried about your potential interest rate and monthly payment? You may want to think about increasing your credit score before you apply for Jeffersontown, Kentucky car loans. Study our Guide to Better Credit for Auto Financing for information about credit scores and tips for quickly raising yours.
Find the Best Deal on Bad Credit Car Loans in Jeffersontown, KY
A bad credit score can raise the rate on your car loan, so it's more critical than ever to compare lending options and find the right deal in Jeffersontown, KY. myAutoloan wants to help you find the best loan — regardless of your credit history. All you need to do is select your offer type and fill out our secure, confidential application. We'll show you up to four loans at once, allowing you to compare rates in minutes. Then, you can choose the best loan for you and head to your local Jeffersontown dealership with a check in hand.
Ready to purchase a new ride? Bad credit doesn't have to stop you. Apply now and compare up to four bad credit auto loans in Jeffersontown, KY through myAutoloan!