What Is Considered Bad Credit in Abingdon, MD?
When you apply for a car loan, mortgage, or another type of loan, lenders in Maryland use your credit score to determine how likely you are to repay it. Your credit score is calculated using many factors, 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 Abingdon, MD has its own criteria for what's considered a low credit score, you might be seen as having bad credit if your score falls below 600. Lenders will also be wary if you’ve experienced bankruptcy, repossession, or foreclosure.
Can I Get a Car Loan in Abingdon, MD If I Have 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. However, financing a car in Abingdon, MD with bad credit won't necessarily be easy. To begin with, not all lenders are willing to give a loan to someone with no or poor credit, so it may take some extra time to find a lender who will work with you. Thankfully, myAutoloan partners with lenders that specialize in bad credit loans.
Once you find a lender in Maryland, you may see that your loan is impacted by your low credit score. A poor credit score can result in limited borrowing and higher interest rates. High interest rates also mean 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 Abingdon loan might look like before even applying.
Concerned about your possible interest rate and monthly payment? You might want to think about increasing your credit score before you start applying for auto loans in Abingdon, Maryland. 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 in Abingdon, MD for Bad Credit Car Loans
A poor credit score can raise the rate on your car loan, so it's more critical than ever to compare costs and find the right loan in Abingdon, MD. At myAutoloan, we want to help you find the best loan — regardless of your credit history. All you need to do is select your offer type and complete or confidential and secure application. We’ll show you up to four loans at a time so you can compare rates in minutes. Finally, you can select the right loan for you and head to your favorite Abingdon dealership with cash in hand.
Need a new ride? Your poor credit doesn’t have to stop you. Apply now and compare up to four bad credit auto loans in Abingdon, MD through myAutoloan!