What Is Considered Bad Credit in Catonsville, 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 play 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 Catonsville, MD has its own criteria for what's considered a low credit score, you could be seen as having bad credit if your score sits under the 600 benchmark. Lenders will also be more cautious if you've experienced repossession, bankruptcy, or foreclosure.
Can I Still Get a Car Loan in Catonsville, 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?” The short answer? Yes. Keep in mind, you'll likely face some challenges financing a car with bad credit in Catonsville, MD. To begin with, not all lenders are willing to give a loan to someone with no or poor credit, so you may need to spend some extra time finding a lender who will help with your financing. Luckily, myAutoloan partners with lenders specializing in bad credit car loans.
Once you've chosen a lender in Maryland, you may see that your low credit score changes your loan. A poor credit score can result in limited borrowing and higher interest rates. High interest rates also mean larger monthly payments and overall loan costs. With our Interest Rate Estimator and Payment Calculator, you can see what the monthly payment on your Catonsville loan could look like before completing an application.
Worried about your potential interest rate and monthly payment? You should think about increasing your credit score before applying for Catonsville, Maryland auto loans. Check out 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 Catonsville, MD
A bad credit score can increase the rate on your car loan, so it's more critical than ever to compare lending options and find the right deal in Catonsville, 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 fill out our secure, confidential 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 Catonsville dealership with a loan in hand.
Ready to purchase a new ride? Your poor credit doesn’t have to stop you. Apply through myAutoloan now and review up to four Catonsville, MD bad credit car loans!