Do I Have Bad Credit in Gaithersburg, MD?
When you apply for any type of loan, lenders in Maryland use your credit score to decide the probability that you'll repay it. Many factors influence your credit score, including any remaining loan balances, your repayment history, the number of open accounts you have, and the age of your credit accounts. While every lender in Gaithersburg, MD has its own guidelines for what's considered a low credit score, you may be seen as having bad credit if you have a score below 600. Lenders will also be nervous if you've gone through bankruptcy, repossession, or foreclosure.
Is it Possible to Get a Car Loan in Gaithersburg, MD with Bad Credit?
Many borrowers have asked, “Can I get a car loan with a credit score of 600 or less?” The simple answer is yes. But, financing a car with bad credit in Gaithersburg, MD will come with some challenges. To begin with, 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 affects your loan. You may have limited borrowing power and a higher interest rate due to your poor credit score. Higher interest rates will mean higher monthly payments and overall loan costs. Our Interest Rate Estimator and Payment Calculator can help you see what the monthly payment on your Gaithersburg loan might look like before you apply.
Concerned about your possible interest rate and monthly payment? You may want to consider boosting your credit score before you apply for Gaithersburg, Maryland car loans. 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 Gaithersburg, MD Poor Credit Car Loans
A low credit score can raise the rate on your car loan, so it's more critical than ever to compare costs to find the right deal in Gaithersburg, MD. myAutoloan is here to help you find the best loan — no matter your credit history. Simply choose your offer type and fill out 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 favorite Gaithersburg dealership with cash in hand.
Need 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 Gaithersburg, MD through myAutoloan!