What Is Considered Bad Credit in Mayfield, KY?
When you try to borrow money — like a car loan — lenders in Kentucky look at your credit score to decide the chances 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 every lender in Mayfield, KY has its own criteria for what's considered a low credit score, you could be seen as having bad credit if you have a score below 600. Lenders will also be nervous if you've gone through bankruptcy, repossession, or foreclosure.
Can I Still Get a Car Loan in Mayfield, KY with Low 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 in Mayfield, KY with bad credit won't necessarily be easy. Most notably, not every lender feels comfortable giving loans to people with poor or no credit, so you may need to spend some extra time finding a lender who will help with your financing. Thankfully, myAutoloan has lending partners that specialize in bad credit loans.
Once you've chosen a lender in Kentucky, you may see that your low credit score changes your loan. A poor credit score can limit your borrowing and result in higher interest rates. Higher interest rates will mean larger monthly payments and more spent over the life of the loan. With our Interest Rate Estimator and Payment Calculator, you can see an estimate for the monthly payment on your Mayfield loan before completing an application.
Do your potential interest rate and monthly payment have you sweating? You should look into boosting your credit score before applying for auto loans in Mayfield, Kentucky. Study 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 Poor Credit Car Loans in Mayfield, KY
A bad credit score can increase your car loan rate, making it more important than ever to compare costs to find the right deal in Mayfield, KY. At myAutoloan, we want to help you find the best loan — despite your credit history. All you have to do is choose 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. Finally, you can choose the best loan for you and head to your favorite Mayfield dealership with a check in hand.
Ready to purchase your next ride? Your poor credit doesn’t have to stop you. Apply with myAutoloan today and compare up to four bad credit auto loans in Mayfield, KY!