What Is Considered Bad Credit in Derwood, MD?
When you apply for a car loan, mortgage, or another type of loan, Maryland lenders use your credit score to evaluate the chances of you repaying 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 each lender in Derwood, MD has its own guidelines for what's considered a low credit score, you may be seen as having bad credit if your score is lower than 600. Lenders will also be worried if you've gone through bankruptcy, repossession, or foreclosure.
Can I Still Get a Car Loan in Derwood, MD with Bad Credit?
You're not the first car buyer to wonder, “Can I get a car loan with a credit score of 600 or less?” The short answer? Yes. However, it's going to be harder to finance a car with bad credit in Derwood, MD. Most notably, not every lender offers poor or no credit loans, so you may need to spend some extra time finding a lender willing to work with you. Thankfully, myAutoloan partners with lenders that specialize in bad credit loans.
Once you've found a lender in Maryland, you may notice your low credit score changes your loan. You may have limited borrowing power and a higher interest rate due to your poor credit score. This high interest rate will lead to higher monthly payments and overall loan costs. Tools like our Interest Rate Estimator and Payment Calculator can help you see what the monthly payment on your Derwood loan might look like before you apply.
Do your potential interest rate and monthly payment have you sweating? You might want to think about improving your credit score before you start applying for auto loans in Derwood, Maryland. Take a look at our Guide to Better Credit for Auto Financing for information about credit scores and tips for quickly raising yours.
Find the Best Deal on Poor Credit Car Loans in Derwood, MD
A low credit score can raise the rate on your car loan, making it more critical than ever to compare costs and find the right loan in Derwood, MD. myAutoloan wants to make sure you find the best loan — despite your credit history. All you need to do is select your offer type and complete our secure, confidential application. We’ll show you up to four loans at a time so you can compare rates in minutes. After, you can select the best loan for you and head to your local Derwood dealership with a check in hand.
Why wait to get a new ride? Bad credit doesn't have to stop you. Apply through myAutoloan now and review up to four Derwood, MD bad credit car loans!