Do I Have Bad Credit in College Park, MD?
When you apply for a car loan, mortgage, or another type of loan, Maryland lenders use your credit score to evaluate how likely you are to 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 College Park, MD has its own criteria for what it considers a poor credit score, you might be seen as having bad credit if your score is lower than 600. Lenders will also be worried if you have a history of bankruptcy, foreclosure, or repossession.
Can I Get a Car Loan in College Park, 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 short answer is yes. Keep in mind, financing a car with bad credit in College Park, MD will come with some challenges. For starters, not every lender feels comfortable giving loans to people with poor or no credit, so it may take some extra time 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've found a lender in Maryland, you may see that your low credit score impacts your loan. A poor credit score can limit your borrowing and result in higher interest rates. High interest rates also mean larger monthly payments and overall repayment. Use our Interest Rate Estimator and Payment Calculator to see an estimate for the monthly payment on your College Park loan before filling out an application.
Worried about your potential interest rate and monthly payment? You might want to contemplate raising your credit score before you start applying for auto loans in College Park, Maryland. Check out our Guide to Better Credit for Auto Financing for information about credit scores and tips for quickly raising yours.
Find the Best Deal on Bad Credit Car Loans in College Park, MD
A bad credit score can increase your car loan rate, making it more important than ever to compare lending options and find the right deal in College Park, MD. myAutoloan wants to make sure you find the best loan — regardless of your credit history. All you have to do is select your offer type and complete our secure, confidential application. You'll see up to four loans at once so you can compare rates in minutes. After, you can choose the best loan for you and head down to your go-to dealership in College Park with a loan in hand.
Why wait to get a new ride? Bad credit doesn't have to get in the way. Apply now and compare up to four bad credit auto loans in College Park, MD through myAutoloan!