What Is Considered Bad Credit in Pikeville, KY?
When you borrow money — like a car loan — Kentucky lenders use your credit score to figure out the likelihood of you repaying it. Your credit score is calculated using many factors, including your repayment history, the number of accounts you have open, the age of your credit accounts, and any remaining loan balances. While every lender in Pikeville, KY has its own criteria for what's considered a low credit score, you could be seen as having bad credit if your score is less than 600. Lenders will also be nervous if you've experienced repossession, bankruptcy, or foreclosure.
Can I Still Get a Car Loan in Pikeville, KY with Low Credit?
You’re not the first car buyer asking, “Can I get a car loan with a credit score of 600 or less?” The short answer is yes. Still, financing a car with bad credit in Pikeville, KY will come with some challenges. First off, 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 inclined to work with you. Luckily, myAutoloan partners with lenders specializing in bad credit car loans.
Once you've found a lender in Kentucky, you may notice your loan is impacted by your low credit score. You may have limited borrowing power and a higher interest rate due to your poor credit score. This high interest rate will lead to higher monthly payments and overall repayment. With our Interest Rate Estimator and Payment Calculator, you can see what the monthly payment on your Pikeville loan might look like before you apply.
Concerned about your possible interest rate and monthly payment? You may want to consider increasing your credit score before applying for Pikeville, Kentucky auto loans. Study 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 Pikeville, KY
A bad credit score can increase your car loan rate, making it more important than ever to compare costs and find the right loan in Pikeville, 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 in minutes so you can easily compare rates. Then, you can select the loan that looks best to you and head to your local Pikeville dealership with money in hand.
Why wait to get a new ride? Bad credit doesn't have to stop you. Apply today through myAutoloan and compare up to four Pikeville, KY bad credit auto loans!