What Is Considered Bad Credit in Somerset, KY?
When you apply for a car loan, mortgage, or another type of loan, Kentucky lenders use 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 Somerset, KY has its own criteria for what's considered a low credit score, you could be seen as having bad credit if your score falls below 600. Lenders will also be nervous if you've experienced repossession, bankruptcy, or foreclosure.
Can I Still Get a Car Loan in Somerset, 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?” Yes, you can. Keep in mind, it's going to be harder to finance a car with bad credit in Somerset, KY. Most notably, not every lender is willing to give a loan to someone with poor or no credit, so you may need to put in some extra hours to find a lender willing to work with you. Luckily, myAutoloan partners with lenders specializing in bad credit car loans.
When you find a lender in Kentucky, you may learn your low credit score impacts your loan. A poor credit score might limit your borrowing and lead to higher interest rates. This high interest rate will also mean larger monthly payments and overall loan costs. With our Interest Rate Estimator and Payment Calculator, you can see what the monthly payment on your Somerset loan might look like before completing an application.
Do your potential interest rate and monthly payment have you sweating? You should contemplate improving your credit score before applying for auto loans in Somerset, 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 Somerset, KY Poor Credit Car Loans
A bad credit score can increase the rate on your car loan, so it's more critical than ever to compare costs to find the right deal in Somerset, KY. myAutoloan wants to make sure you find the best loan — even without the best credit history. All you need to do is select your offer type and complete or confidential and secure application. You'll see up to four loans at once so you can compare rates in minutes. To finish, you can choose the best loan for you and head to your local Somerset 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 Somerset, KY bad credit auto loans!