What Is Considered Bad Credit in Baltimore, MD?
When you apply for any type of loan, Maryland lenders look at your credit score to determine the probability that you'll repay it. Many factors influence your credit score, including any remaining loan balances, your repayment history, the number of open accounts you have, and the age of your credit accounts. While every lender in Baltimore, MD has its own benchmarks for what's considered a low credit score, you could be seen as having bad credit if you have a score below 600. Lenders will also be worried if you’ve experienced bankruptcy, repossession, or foreclosure.
Can I Still Get a Car Loan in Baltimore, MD 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?” Yes, you can. But, financing a car with bad credit in Baltimore, MD will come with some challenges. For starters, 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 willing to work with you. The good news is that myAutoloan partners with lenders specializing in bad credit loans.
Once you've chosen a lender in Maryland, you may learn your low credit score affects your loan. You may have limited borrowing power and a higher interest rate due to your poor credit score. This high interest rate will 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 Baltimore loan might be before filling out an application.
Do your potential interest rate and monthly payment have you worried? You should look into improving your credit score before applying for Baltimore, Maryland auto 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 Baltimore, MD Poor Credit Car Loans
A low credit score can increase your car loan rate, making it more critical than ever to compare costs to find the right deal in Baltimore, MD. myAutoloan is here to help you find the best loan — despite your credit history. Simply choose your offer type and complete our secure, confidential application. We'll show you up to four loans at once, allowing you to compare rates in minutes. To finish, you can select the best loan for you and head to your favorite Baltimore dealership with money in hand.
Need a new ride? Bad credit doesn't have to stop you. Apply today through myAutoloan and compare up to four Baltimore, MD bad credit auto loans!