What Counts as Bad Credit in Germantown, MD?
When you borrow money — like a car loan — lenders in Maryland look at your credit score to decide 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 Germantown, MD lender has its own benchmarks for what it deems a poor credit score, you may be seen as having bad credit if you have a score below 600. Lenders will also be wary if you’ve experienced bankruptcy, repossession, or foreclosure.
Can I Still Get a Car Loan in Germantown, MD with Bad 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. Keep in mind, you'll likely face some challenges financing a car with bad credit in Germantown, MD. Most notably, not every lender is willing to give a loan to someone with poor or no credit, so it may take some extra time to find a lender who will help with your financing. 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. 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 more spent over the life of the loan. Use our Interest Rate Estimator and Payment Calculator to see what the monthly payment on your Germantown loan could look like before completing an application.
Do your potential interest rate and monthly payment have you sweating? You may want to think about improving your credit score before applying for auto loans in Germantown, Maryland. View our Guide to Better Credit for Auto Financing for information about credit scores and tips for quickly raising yours.
Find the Best Deal on Germantown, MD Poor Credit Car Loans
A low credit score can raise your car loan rate, making it more critical than ever to compare costs and find the right loan in Germantown, MD. myAutoloan is here to help you find the best loan — even without the best credit history. All you need to do is select your offer type and complete a confidential, secure application. You'll see up to four loans at once so you can compare rates in minutes. Then, you can select the best loan for you and visit any dealership in Germantown with cash 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 Germantown, MD bad credit car loans!