What Is Considered Bad Credit in Bloomington, MN?
When you apply for any type of loan, Minnesota lenders look at your credit score to determine the chances of you repaying it. Many factors play into your credit score, 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 Bloomington, MN has its own guidelines for what's considered a bad credit score, you are often seen as having bad credit if your score sits under the 600 benchmark. Lenders will also be more cautious if you've experienced repossession, bankruptcy, or foreclosure.
Can I Still Get a Car Loan in Bloomington, MN with Low 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 Bloomington, MN. First off, not every lender feels comfortable giving loans to people with poor or no credit, so you may need to put in some extra hours to find a lender willing to work with you. Luckily, myAutoloan partners with lenders specializing in bad credit car loans.
Once you've found a lender in Minnesota, you may see that your low credit score affects your loan. A poor credit score can result in limited borrowing and higher interest rates. Higher interest rates will mean larger monthly payments and total repayment. Our Interest Rate Estimator and Payment Calculator can help you see what the monthly payment on your Bloomington loan could look like before even applying.
Concerned about your possible interest rate and monthly payment? You might want to contemplate increasing your credit score before applying for auto loans in Bloomington, Minnesota. Study our Guide to Better Credit for Auto Financing for information about credit scores and tips for quickly raising yours.
Find the Best Deal on Bad Credit Car Loans in Bloomington, MN
A low credit score can increase the rate on your car loan, making it more critical than ever to compare costs to find the right deal in Bloomington, MN. At myAutoloan, we want to help you find the best loan — regardless of your credit history. Simply 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. To finish, you can select the loan that looks best to you and head to your local Bloomington dealership with a loan in hand.
Ready to purchase a new ride? Bad credit doesn't have to stop you. Apply through myAutoloan now and review up to four Bloomington, MN bad credit car loans!