How Do I Know If I Have Bad Credit in Owensboro, KY?
When you borrow money — like a car loan — lenders in Kentucky look at your credit score to figure out the likelihood of you repaying it. Your credit score is calculated using many factors, including the age of your credit accounts, the number of open accounts you have, any remaining loan balances, and your repayment history. While each Owensboro, KY lender has its own criteria for what's considered a low credit score, you may 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 Owensboro, KY with Low Credit?
Many car buyers have asked, “Can I get a car loan with a credit score of 600 or less?” The simple answer is yes. Still, you'll likely face some challenges financing a car with bad credit in Owensboro, KY. For starters, not every lender is willing to give a loan to someone with poor or no credit, so you may need to spend some extra time finding a lender who will work with you. The good news is that myAutoloan partners with lenders specializing in bad credit loans.
Once you've chosen 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. Higher interest rates will mean larger monthly payments and overall repayment. Our Interest Rate Estimator and Payment Calculator can help you see what the monthly payment on your Owensboro loan might look like before filling out an application.
Do your potential interest rate and monthly payment have you worried? You should think about increasing your credit score before you apply for Owensboro, Kentucky car loans. Take a look at our Guide to Better Credit for Auto Financing to learn about credit scores and how you can quickly raise yours.
Find the Best Deal in Owensboro, KY for Bad Credit Car Loans
A low credit score can increase your car loan rate, making it more important than ever to compare costs and find the right loan in Owensboro, KY. myAutoloan wants to make sure you find the best loan — no matter 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. Finally, you can select the right loan for you and head to your local Owensboro dealership with cash in hand.
Why wait to get a new ride? Bad credit doesn't have to get in the way. Apply through myAutoloan now and review up to four Owensboro, KY bad credit car loans!