What Counts as Bad Credit in Hagerstown, MD?
When you apply for a car loan, mortgage, or another type of loan, lenders in Maryland look at your credit score to evaluate how likely you are to repay it. Many factors influence your credit score, including your repayment history, the number of accounts you have open, the age of your credit accounts, and any remaining loan balances. While each Hagerstown, MD lender will have 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 more cautious if you’ve experienced bankruptcy, repossession, or foreclosure.
Is it Possible to Get a Car Loan in Hagerstown, 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 short answer is yes. But, financing a car in Hagerstown, MD with bad credit won't necessarily be easy. For starters, 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 work with you. Thankfully, myAutoloan partners with lenders that specialize in bad credit loans.
Once you've found a lender in Maryland, you may discover your loan is impacted by your low credit score. A poor credit score can limit your borrowing and result in higher interest rates. High interest rates also mean larger monthly payments and more spent over the life of the loan. Tools like our Interest Rate Estimator and Payment Calculator can help you see what the monthly payment on your Hagerstown loan could look like before even applying.
Do your potential interest rate and monthly payment have you worried? You should look into raising your credit score before applying for auto loans in Hagerstown, Maryland. Take a look at our Guide to Better Credit for Auto Financing to better understand your credit score and how you can raise it.
Find the Best Deal on Bad Credit Car Loans in Hagerstown, MD
A poor credit score can increase your car loan rate, making it more crucial than ever to compare costs to find the right deal in Hagerstown, MD. myAutoloan wants to help you find the best loan — despite your credit history. All you have to do is choose 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. Finally, you can choose the best loan for you and head to your local Hagerstown 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 Hagerstown, MD bad credit car loans!