What Counts as Bad Credit in Oxford, ME?
When you apply for any type of loan, lenders in Maine use your credit score to evaluate the chances of you repaying 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 every lender in Oxford, ME will have its own guidelines for what's considered a bad credit score, you may be seen as having bad credit if you have a score below 600. Lenders will also be worried if you've experienced repossession, bankruptcy, or foreclosure.
Can I Still Get a Car Loan in Oxford, ME with Bad Credit?
Many borrowers have asked, “Can I get a car loan with a credit score of 600 or less?” The simple answer is yes. But, it's going to be harder to finance a car with bad credit in Oxford, ME. To begin with, 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 inclined to work with you. The good news is that myAutoloan partners with lenders specializing in bad credit loans.
Once you find a lender in Maine, you may discover your low credit score impacts your loan. A poor credit score can limit your borrowing and result in 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 an estimate for the monthly payment on your Oxford loan before filling out an application.
Concerned about your possible interest rate and monthly payment? You may want to consider boosting your credit score before you apply for Oxford, Maine car loans. Take a look at our Guide to Better Credit for Auto Financing to better understand your credit score and how you can raise it.
Find the Best Deal on Oxford, ME Poor Credit Car Loans
A poor credit score can raise the rate on your car loan, so it's more critical than ever to compare lending options and find the right deal in Oxford, ME. myAutoloan wants to make sure you find the best loan — even without the best 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. After, you can select the loan that looks best to you and head down to your go-to dealership in Oxford with money in hand.
Ready to purchase your next ride? Bad credit doesn't have to stop you. Apply today through myAutoloan and compare up to four Oxford, ME bad credit auto loans!