What Counts as Bad Credit in Ellicott City, MD?
When you apply for any type of loan, lenders in Maryland use your credit score to evaluate how likely you are to repay it. Your credit score is calculated using many factors, including the age of your credit accounts, the number of open accounts you have, any remaining loan balances, and your repayment history. While every lender in Ellicott City, MD will have its own guidelines for what’s considered a poor credit score, you might be seen as having bad credit if your score falls below 600. Lenders will also be worried if you have a history of bankruptcy, foreclosure, or repossession.
Can I Still Get a Car Loan in Ellicott City, 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 simple answer is yes. Still, it's going to be harder to finance a car with bad credit in Ellicott City, MD. 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 who will work with you. Thankfully, myAutoloan partners with lenders that specialize in bad credit loans.
When you find a lender in Maryland, you may see that your low credit score affects your loan. A poor credit score can limit your borrowing and result in higher interest rates. High interest rates also mean higher monthly payments and overall repayment. Tools like our Interest Rate Estimator and Payment Calculator can help you see what the monthly payment on your Ellicott City loan might look like before you apply.
Worried about your potential interest rate and monthly payment? You might want to look into boosting your credit score before applying for auto loans in Ellicott City, 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 in Ellicott City, MD for Bad Credit Car Loans
A low credit score can raise your car loan rate, making it more crucial than ever to compare lending options and find the right deal in Ellicott City, MD. myAutoloan wants to make sure 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 loan that looks best to you and visit any dealership in Ellicott City with a loan in hand.
Ready to purchase a new ride? Bad credit doesn't have to get in the way. Apply today through myAutoloan and compare up to four Ellicott City, MD bad credit auto loans!