How Do I Know If I Have Bad Credit in Oakland, MD?
When you apply for a car loan, mortgage, or another type of loan, Maryland lenders use your credit score to determine the likelihood of you repaying it. Many factors play into your credit score, including the number of open accounts you have, your repayment history, the age of your credit accounts, and any remaining loan balances. While each Oakland, MD lender has its own criteria for what it deems a poor credit score, you could be seen as having bad credit if your score is lower than 600. Lenders will also be wary if you've experienced repossession, bankruptcy, or foreclosure.
Can I Still Get a Car Loan in Oakland, MD with Bad Credit?
Many borrowers have asked, “Can I get a car loan with a credit score of 600 or less?” Yes, you can. However, it's going to be harder to finance a car with bad credit in Oakland, MD. To begin with, not all lenders are willing to give a loan to someone with no or poor credit, so you may need to spend some extra time finding 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 learn your low credit score changes your loan. A poor credit score can limit your borrowing and result in higher interest rates. This high interest rate will lead to larger 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 Oakland loan could look like before even applying.
Do your potential interest rate and monthly payment have you worried? You should look into increasing your credit score before you start applying for auto loans in Oakland, Maryland. Study 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 Poor Credit Car Loans in Oakland, MD
A bad credit score can raise your car loan rate, making it more crucial than ever to compare costs to find the right deal in Oakland, MD. At myAutoloan, we want to help you find the best loan — no matter your credit history. All you have to do is choose your offer type and complete a confidential, secure application. We'll show you up to four loans in minutes so you can easily compare rates. After, you can select the best loan for you and visit any dealership in Oakland with a loan in hand.
Ready to purchase your next ride? Bad credit doesn't have to get in the way. Apply with myAutoloan today and compare up to four bad credit auto loans in Oakland, MD!