What Counts as Bad Credit in Lakeville, MN?
When you apply for any type of loan, lenders in Minnesota use your credit score to evaluate the likelihood of you repaying it. Many factors play into 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 every Lakeville, MN lender will have its own guidelines for what it considers a poor credit score, you may be seen as having bad credit if your score sits under the 600 benchmark. Lenders will also be nervous if you have a history of bankruptcy, foreclosure, or repossession.
Can I Still Get a Car Loan in Lakeville, MN 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?” The short answer? Yes. However, it's going to be harder to finance a car with bad credit in Lakeville, MN. To begin with, 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 work with you. Luckily, myAutoloan partners with lenders specializing in bad credit car loans.
Once you've chosen a lender in Minnesota, you may see that your low credit score changes your loan. You may have limited borrowing power and a higher interest rate due to your poor credit score. High interest rates also mean larger monthly payments and more spent over the life of the loan. Our Interest Rate Estimator and Payment Calculator can help you see an estimate for the monthly payment on your Lakeville loan before you apply.
Worried about your potential interest rate and monthly payment? You should contemplate boosting your credit score before you start applying for auto loans in Lakeville, Minnesota. Study our Guide to Better Credit for Auto Financing to learn about credit scores and how you can quickly raise yours.
Find the Best Deal on Lakeville, MN Poor Credit Car Loans
A bad credit score can increase the rate on your car loan, so it's more critical than ever to compare lenders in Lakeville, MN and find the right deal. myAutoloan wants to help you find the best loan — no matter your credit history. Simply choose your offer type and complete our secure, confidential application. We'll show you up to four loans at once, allowing you to compare rates in minutes. Then, you can select the loan that looks best to you and head down to your go-to dealership in Lakeville with money in hand.
Ready to purchase a new ride? Bad credit doesn't have to get in the way. Apply now and compare up to four bad credit auto loans in Lakeville, MN through myAutoloan!