What Counts as Bad Credit in Edina, MN?
When you apply for any type of loan, Minnesota lenders look at your credit score to decide the chances of you repaying it. Many factors play into your credit score, including your repayment history, the number of accounts you have open, the age of your credit accounts, and any remaining loan balances. While every Edina, MN lender has its own criteria for what it deems a poor credit score, you might be 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 Get a Car Loan in Edina, MN If I Have Bad Credit?
Many car buyers have asked, “Can I get a car loan with a credit score of 600 or less?” The simple answer is yes. But, you'll likely face some challenges financing a car with bad credit in Edina, MN. First off, not every lender is willing to give a loan to someone with poor or no credit, so it may take some extra time to find a lender who will help with your financing. Thankfully, myAutoloan partners with lenders that specialize in bad credit loans.
Once you've chosen a lender in Minnesota, you may notice your low credit score impacts your loan. A poor credit score can result in limited borrowing and higher interest rates. High interest rates also mean higher monthly payments and more spent over the life of the loan. With our Interest Rate Estimator and Payment Calculator, you can see an estimate for the monthly payment on your Edina loan before even applying.
Do your potential interest rate and monthly payment have you sweating? You might want to contemplate raising your credit score before applying for Edina, Minnesota auto loans. Take a look at 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 Edina, MN
A poor credit score can raise your car loan rate, making it more crucial than ever to compare lenders in Edina, MN and find the right deal. myAutoloan is here to help you find the best loan — despite your credit history. All you have to do is select 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. Finally, you can select the right loan for you and head down to your go-to dealership in Edina with cash in hand.
Why wait to get a new ride? Poor credit shouldn't stop you. Apply with myAutoloan today and compare up to four bad credit auto loans in Edina, MN!