What Is Considered Bad Credit in Lexington, KY?
When you borrow money — like a car loan — Kentucky lenders look at your credit score to evaluate the likelihood 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 Lexington, KY has its own benchmarks for what's considered a bad credit score, you may be seen as having bad credit if you have a score below 600. Lenders will also be nervous if you have a history of bankruptcy, foreclosure, or repossession.
Can I Still Get a Car Loan in Lexington, 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, financing a car in Lexington, KY with bad credit won't necessarily be easy. To begin with, not all lenders are willing to give a loan to someone with no or poor credit, so you may need to put in extra effort to find a lender willing to work with you. Thankfully, myAutoloan has lending partners that specialize in bad credit loans.
Once you find a lender in Kentucky, you may see that your low credit score changes your loan. You may have limited borrowing power and a higher interest rate due to your poor credit score. This high interest rate will also mean larger 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 Lexington loan before filling out an application.
Do your potential interest rate and monthly payment have you worried? You might want to consider increasing your credit score before you apply for Lexington, Kentucky car loans. View 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 Bad Credit Car Loans in Lexington, KY
A bad credit score can increase the rate on your car loan, so it's more critical than ever to compare lending options and find the right deal in Lexington, KY. myAutoloan wants to help you find the best loan — no matter your credit history. All you need to do is select your offer type and complete or confidential and secure application. We'll show you up to four loans in minutes so you can easily compare rates. Finally, you can choose the best loan for you and head to your favorite Lexington dealership with cash in hand.
Ready to purchase your next ride? Bad credit doesn't have to stop you. Apply with myAutoloan today and compare up to four bad credit auto loans in Lexington, KY!