What Is Considered Bad Credit in Aberdeen, MD?
When you borrow money — like a car loan — lenders in Maryland look at your credit score to figure out the probability that you'll repay 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 every lender in Aberdeen, MD has its own criteria for what’s considered a poor credit score, you might be seen as having bad credit if you have a score below 600. Lenders will also be nervous if you have a history of bankruptcy, foreclosure, or repossession.
Is it Possible to Get a Car Loan in Aberdeen, MD with Bad Credit?
Many borrowers have asked, “Can I get a car loan with a credit score of 600 or less?” The short answer is yes. But, you'll likely face some challenges financing a car with bad credit in Aberdeen, MD. To begin with, not every lender feels comfortable giving loans to people with poor or no credit, so you may need to put in extra effort to find a lender who will work with you. Thankfully, myAutoloan partners with lenders that specialize in bad credit loans.
Once you've chosen a lender in Maryland, you may see that your loan is impacted by your low credit score. A poor credit score can limit your borrowing and result in higher interest rates. This high interest rate will also mean higher monthly payments and overall loan costs. Use our Interest Rate Estimator and Payment Calculator to see what the monthly payment on your Aberdeen loan might be before you apply.
Worried about your potential interest rate and monthly payment? You may want to contemplate boosting your credit score before applying for auto loans in Aberdeen, Maryland. 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 on Poor Credit Car Loans in Aberdeen, MD
A bad credit score can increase your car loan rate, making it more important than ever to compare costs to find the right deal in Aberdeen, MD. At myAutoloan, we want to help you find the best loan — despite your 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. Finally, you can choose the best loan for you and head to your favorite Aberdeen dealership with a loan in hand.
Ready to purchase a new ride? Poor credit shouldn't stop you. Apply through myAutoloan now and review up to four Aberdeen, MD bad credit car loans!