What Counts as Bad Credit in Towson, MD?
When you try to borrow money — like a car loan — lenders in Maryland look at your credit score to evaluate the likelihood of you repaying it. Your credit score is calculated using many factors, including the number of open accounts you have, your repayment history, the age of your credit accounts, and any remaining loan balances. While each Towson, MD lender will have its own guidelines for what's considered a bad credit score, you could be seen as having bad credit if your score is less than 600. Lenders will also be more cautious if you've gone through bankruptcy, repossession, or foreclosure.
Can I Still Get a Car Loan in Towson, MD with Bad Credit?
Many borrowers have asked, “Can I get a car loan with a credit score of 600 or less?” The short answer is yes. However, financing a car with bad credit in Towson, MD will come with some challenges. To begin with, not every lender feels comfortable giving loans to people with poor or no credit, so it may take some extra time to find a lender willing to work with you. Thankfully, myAutoloan partners with lenders that specialize in bad credit loans.
Once you find a lender in Maryland, you may discover your low credit score changes your loan. A poor credit score can result in limited borrowing and higher interest rates. High interest rates also mean higher monthly payments and overall repayment. Our Interest Rate Estimator and Payment Calculator can help you see an estimate for the monthly payment on your Towson loan before even applying.
Worried about your potential interest rate and monthly payment? You may want to consider boosting your credit score before applying for auto loans in Towson, Maryland. Take a look at our Guide to Better Credit for Auto Financing for help understanding and quickly raising 7our credit.
Find the Best Deal in Towson, 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 costs and find the right loan in Towson, MD. myAutoloan wants to make sure you find the best loan — regardless of your credit history. All you have to do is choose your offer type and fill out our secure, confidential 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 down to your go-to dealership in Towson with a loan in hand.
Ready to purchase a new ride? Your poor credit doesn’t have to stop you. Apply now and compare up to four bad credit auto loans in Towson, MD through myAutoloan!