What Is Considered Bad Credit in Pikesville, MD?
When you borrow money — like a car loan — lenders in Maryland look at your credit score to figure out the probability that you'll repay it. Many factors influence 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 lender in Pikesville, MD will have its own guidelines for what's considered a low credit score, you could be seen as having bad credit if your score is lower than 600. Lenders will also be wary if you have a history of bankruptcy, foreclosure, or repossession.
Can I Still Get a Car Loan in Pikesville, MD with Low Credit?
You’re not the first car buyer asking, “Can I get a car loan with a credit score of 600 or less?” Yes, you can. Keep in mind, you'll likely face some challenges financing a car with bad credit in Pikesville, MD. To begin with, not every lender offers poor or no credit loans, so you may need to put in extra effort to find a lender inclined to work with you. Thankfully, myAutoloan partners with lenders that specialize in bad credit loans.
When you find a lender in Maryland, you may notice your low credit score impacts your loan. A poor credit score might limit your borrowing and lead to higher interest rates. High interest rates also mean higher 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 Pikesville loan might be before you apply.
Concerned about your possible interest rate and monthly payment? You should consider increasing your credit score before you apply for Pikesville, Maryland car loans. 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 in Pikesville, MD for Bad Credit Car Loans
A low credit score can raise the rate on your car loan, so it's more critical than ever to compare lenders in Pikesville, MD and find the right deal. myAutoloan is here to help you find the best loan — despite your credit history. Simply choose your offer type and complete our secure, confidential 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 head to your local Pikesville dealership with a check in hand.
Ready to purchase a new ride? Poor credit shouldn't stop you. Apply with myAutoloan today and compare up to four bad credit auto loans in Pikesville, MD!