How Do I Know If I Have Bad Credit in Lafayette, LA?
When you apply for any type of loan, Louisiana lenders look at your credit score to figure out how likely you are to repay it. Your credit score is calculated using many factors, including the number of open accounts you have, your repayment history, the age of your credit accounts, and any remaining loan balances. While each Lafayette, LA lender has its own benchmarks for what it deems a poor credit score, you are often 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.
Can I Still Get a Car Loan in Lafayette, LA 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? Yes. However, you'll likely face some challenges financing a car with bad credit in Lafayette, LA. Most notably, 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. The good news is that myAutoloan partners with lenders specializing in bad credit loans.
When you find a lender in Louisiana, you may see that your low credit score impacts your loan. You may have limited borrowing power and a higher interest rate due to your poor credit score. High interest rates also mean higher monthly payments and total repayment. With our Interest Rate Estimator and Payment Calculator, you can see what the monthly payment on your Lafayette loan might be before completing an application.
Worried about your potential interest rate and monthly payment? You might want to think about increasing your credit score before applying for Lafayette, Louisiana auto 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 Lafayette, LA for Bad Credit Car Loans
A bad credit score can raise the rate on your car loan, making it more important than ever to compare costs to find the right deal in Lafayette, LA. myAutoloan wants to help you find the best loan — regardless of your credit history. All you have to do is choose 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 select the best loan for you and head to your local Lafayette dealership with cash in hand.
Ready to purchase a new ride? Your poor credit doesn’t have to stop you. Apply with myAutoloan today and compare up to four bad credit auto loans in Lafayette, LA!