What Is Considered Bad Credit in Laurel, MD?
When you borrow money — like a car loan — lenders in Maryland look at your credit score to determine the probability that you'll repay it. Many factors play into 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 Laurel, MD lender has its own criteria for what's considered a bad credit score, you are often seen as having bad credit if your score falls below 600. Lenders will also be wary if you have a history of bankruptcy, foreclosure, or repossession.
Can I Still Get a Car Loan in Laurel, MD with Low Credit?
Many borrowers have asked, “Can I get a car loan with a credit score of 600 or less?” The simple answer is yes. However, it's going to be harder to finance a car with bad credit in Laurel, MD. Most notably, not all lenders are willing to give a loan to someone with no or poor credit, so you may need to put in some extra hours to find a lender inclined to work with you. Luckily, myAutoloan partners with lenders specializing in bad credit car loans.
When you find a lender in Maryland, you may notice your low credit score affects your loan. A poor credit score might limit your borrowing and lead to higher interest rates. Higher interest rates will mean larger monthly payments and more spent over the life of the loan. Our Interest Rate Estimator and Payment Calculator can help you see what the monthly payment on your Laurel loan might look like before even applying.
Do your potential interest rate and monthly payment have you worried? You should contemplate raising your credit score before applying for auto loans in Laurel, Maryland. Take a look at our Guide to Better Credit for Auto Financing to learn about credit scores and how you can quickly raise yours.
Find the Best Deal in Laurel, MD for Bad Credit Car Loans
A bad credit score can raise the rate on your car loan, making it more critical than ever to compare lenders in Laurel, MD and find the right deal. myAutoloan wants to make sure you find the best loan — despite your credit history. Simply choose your offer type and complete or confidential and secure application. You'll see up to four loans at once so you can compare rates in minutes. To finish, you can select the best loan for you and head to your local Laurel dealership with a check in hand.
Ready to purchase your next ride? Bad credit doesn't have to get in the way. Apply through myAutoloan now and review up to four Laurel, MD bad credit car loans!