What Counts as Bad Credit in Houma, LA?
When you borrow money — like a car loan — lenders in Louisiana use your credit score to decide how likely you are to repay it. Your credit score is calculated using many factors, including any remaining loan balances, your repayment history, the number of open accounts you have, and the age of your credit accounts. While each Houma, LA lender has its own guidelines for what it considers a poor credit score, you might be seen as having bad credit if your score sits under the 600 benchmark. Lenders will also be wary if you’ve experienced bankruptcy, repossession, or foreclosure.
Is it Possible to Get a Car Loan in Houma, LA with Bad Credit?
You’re not the first car buyer asking, “Can I get a car loan with a credit score of 600 or less?” The simple answer is yes. However, financing a car in Houma, LA with bad credit won't necessarily be easy. For starters, not every lender offers poor or no credit loans, so you may need to put in extra effort to find a lender willing to work with you. Thankfully, myAutoloan partners with lenders that specialize in bad credit loans.
When you find a lender in Louisiana, you may see that your loan is impacted by your low credit score. A poor credit score might limit your borrowing and lead to higher interest rates. This high interest rate will lead to higher monthly payments and overall repayment. Our Interest Rate Estimator and Payment Calculator can help you see what the monthly payment on your Houma loan might be before completing an application.
Do your potential interest rate and monthly payment have you sweating? You may want to consider boosting your credit score before you start applying for auto loans in Houma, Louisiana. Take a look at our Guide to Better Credit for Auto Financing for information about credit scores and tips for quickly raising yours.
Find the Best Deal on Houma, LA Poor Credit Car Loans
A bad credit score can raise your car loan rate, so it's more critical than ever to compare costs to find the right deal in Houma, LA. At myAutoloan, we want to help you find the best loan — no matter your credit history. All you have to do is choose your offer type and complete our secure, confidential application. You'll see up to four loans at once so you can compare rates in minutes. Then, you can select the best loan for you and head down to your go-to dealership in Houma with money in hand.
Need a new ride? Bad credit doesn't have to stop you. Apply with myAutoloan today and compare up to four bad credit auto loans in Houma, LA!