What Is Considered Bad Credit in Suitland, MD?
When you borrow money — like a car loan — Maryland lenders use your credit score to figure out how likely you are to repay it. Your credit score is calculated using many factors, including the age of your credit accounts, the number of open accounts you have, any remaining loan balances, and your repayment history. While each lender in Suitland, MD will have its own guidelines for what it deems a poor credit score, you are often seen as having bad credit if you have a score below 600. Lenders will also be worried if you have a history of bankruptcy, foreclosure, or repossession.
Can I Still Get a Car Loan in Suitland, MD with Bad Credit?
Many car buyers have asked, “Can I get a car loan with a credit score of 600 or less?” The short answer? Yes. However, you'll likely face some challenges financing a car with bad credit in Suitland, MD. To begin with, not every lender is willing to give a loan to someone with poor or no credit, so you may need to put in extra effort to find a lender who will help with your financing. The good news is that myAutoloan partners with lenders specializing in bad credit loans.
When you find a lender in Maryland, you may notice your low credit score affects your loan. 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. Use our Interest Rate Estimator and Payment Calculator to see what the monthly payment on your Suitland loan might look like before filling out an application.
Do your potential interest rate and monthly payment have you worried? You might want to contemplate raising your credit score before applying for Suitland, Maryland auto loans. Check out 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 Suitland, MD for Bad Credit Car Loans
A bad credit score can increase the rate on your car loan, so it's more critical than ever to compare costs to find the right deal in Suitland, MD. myAutoloan wants 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 at a time so you can compare rates in minutes. After, you can choose the best loan for you and head to your favorite Suitland dealership with a check in hand.
Why wait to get a new ride? Your poor credit doesn’t have to stop you. Apply today through myAutoloan and compare up to four Suitland, MD bad credit auto loans!