What Is Considered Bad Credit in Murray, KY?
When you borrow money — like a car loan — Kentucky lenders use your credit score to determine the likelihood of you repaying it. Many factors go into your credit score, including your repayment history, the number of accounts you have open, the age of your credit accounts, and any remaining loan balances. While each lender in Murray, KY will have its own guidelines for what’s considered a poor credit score, you are often seen as having bad credit if your score is less than 600. Lenders will also be nervous if you've gone through bankruptcy, repossession, or foreclosure.
Can I Still Get a Car Loan in Murray, KY with Bad Credit?
Many car buyers have asked, “Can I get a car loan with a credit score of 600 or less?” The short answer? Yes. However, financing a car in Murray, 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 it may take some extra time to find a lender inclined to work with you. Thankfully, myAutoloan has lending partners that specialize in bad credit loans.
Once you've found a lender in Kentucky, you may discover your low credit score changes your loan. A poor credit score might limit your borrowing and lead to higher interest rates. High interest rates also mean higher monthly payments and overall repayment. Use our Interest Rate Estimator and Payment Calculator to see what the monthly payment on your Murray loan might look like before you apply.
Do your potential interest rate and monthly payment have you worried? You may want to think about raising your credit score before you start applying for auto loans in Murray, Kentucky. Take a look at our Guide to Better Credit for Auto Financing for help understanding and quickly raising 7our credit.
Find the Best Deal on Bad Credit Car Loans in Murray, KY
A poor credit score can increase the rate on your car loan, making it more crucial than ever to compare lenders in Murray, KY and find the right deal. myAutoloan is here 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. 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 head down to your go-to dealership in Murray with cash in hand.
Ready to purchase your next ride? Bad credit doesn't have to get in the way. Apply now and compare up to four bad credit auto loans in Murray, KY through myAutoloan!