What Is Considered Bad Credit in Frederick, MD?
When you apply for a car loan, mortgage, or another type of loan, Maryland lenders look at your credit score to determine the likelihood 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 Frederick, MD lender has its own criteria for what it considers a poor credit score, you are often seen as having bad credit if your score is less than 600. Lenders will also be worried if you’ve experienced bankruptcy, repossession, or foreclosure.
Can I Still Get a Car Loan in Frederick, MD with Low Credit?
Many car buyers have asked, “Can I get a car loan with a credit score of 600 or less?” Yes, you can. But, financing a car in Frederick, MD with bad credit won't necessarily be easy. Most notably, not every lender feels comfortable giving loans to people with poor or no credit, so you may need to put in some extra hours to find a lender willing to work with you. Thankfully, myAutoloan has lending partners that specialize in bad credit loans.
Once you've found a lender in Maryland, you may discover your low credit score impacts your loan. A poor credit score might limit your borrowing and lead to higher interest rates. Higher interest rates will mean higher monthly payments and more spent over the life of the loan. With our Interest Rate Estimator and Payment Calculator, you can see what the monthly payment on your Frederick loan might be before completing an application.
Concerned about your possible interest rate and monthly payment? You might want to consider increasing your credit score before you start applying for auto loans in Frederick, 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 in Frederick, MD for Bad Credit Car Loans
A poor credit score can increase your car loan rate, making it more crucial than ever to compare costs and find the right loan in Frederick, MD. myAutoloan wants to make sure you find the best loan — despite your credit history. Simply choose your offer type and fill out 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 choose the best loan for you and head to your local Frederick dealership with a loan in hand.
Ready to purchase your next ride? Bad credit doesn't have to stop you. Apply with myAutoloan today and compare up to four bad credit auto loans in Frederick, MD!