Do I Have Bad Credit in Ruston, LA?
When you borrow money — like a car loan — lenders in Louisiana look at your credit score to evaluate the likelihood of you repaying it. Many factors go into your credit score, including your repayment history, the number of accounts you have open, the age of your credit accounts, and any remaining loan balances. While each Ruston, LA lender has its own guidelines for what's considered a bad credit score, you are often seen as having bad credit if your score is less than 600. Lenders will also be worried if you’ve experienced bankruptcy, repossession, or foreclosure.
Can I Still Get a Car Loan in Ruston, 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?” Yes, you can. Still, you'll likely face some challenges financing a car with bad credit in Ruston, LA. First off, not every lender offers poor or no credit loans, 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 find a lender in Louisiana, you may notice your low credit score changes your loan. 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 more spent over the life of the loan. Our Interest Rate Estimator and Payment Calculator can help you see what the monthly payment on your Ruston loan might look like before even applying.
Do your potential interest rate and monthly payment have you sweating? You may want to contemplate raising your credit score before you start applying for auto loans in Ruston, Louisiana. View 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 Ruston, LA Poor 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 Ruston, LA. myAutoloan is here to help you find the best loan — regardless of your credit history. Simply choose your offer type and fill out our secure, confidential application. You'll see up to four loans at once so you can compare rates in minutes. After, you can choose the best loan for you and visit any dealership in Ruston with a check in hand.
Need a new ride? Poor credit shouldn't stop you. Apply through myAutoloan now and review up to four Ruston, LA bad credit car loans!