What Counts as Bad Credit in Minneapolis, MN?
When you borrow money — like a car loan — lenders in Minnesota use your credit score to decide the probability that you'll repay it. Your credit score is calculated using many factors, including any remaining loan balances, your repayment history, the number of open accounts you have, and the age of your credit accounts. While each lender in Minneapolis, MN has its own guidelines for what's considered a low credit score, you are often seen as having bad credit if your score sits under the 600 benchmark. Lenders will also be worried if you have a history of bankruptcy, foreclosure, or repossession.
Can I Still Get a Car Loan in Minneapolis, MN with Bad Credit?
You’re not the first car buyer asking, “Can I get a car loan with a credit score of 600 or less?” Yes, you can. But, financing a car with bad credit in Minneapolis, MN will come with some challenges. Most notably, not every lender feels comfortable giving loans to people with poor or no credit, so you may need to put in extra effort to find a lender who will work with you. The good news is that myAutoloan partners with lenders specializing in bad credit loans.
Once you find a lender in Minnesota, you may discover your low credit score impacts your loan. A poor credit score can limit your borrowing and result in higher interest rates. This high interest rate will also mean larger monthly payments and overall loan costs. Tools like our Interest Rate Estimator and Payment Calculator can help you see what the monthly payment on your Minneapolis loan might be before filling out an application.
Do your potential interest rate and monthly payment have you sweating? You may want to look into boosting your credit score before applying for Minneapolis, Minnesota auto loans. Take a look at our Guide to Better Credit for Auto Financing to learn about credit scores and how you can quickly raise yours.
Find the Best Deal in Minneapolis, MN for Bad Credit Car Loans
A bad credit score can raise your car loan rate, making it more important than ever to compare costs to find the right deal in Minneapolis, MN. myAutoloan wants to make sure you find the best loan — even without the best 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 once, allowing you to compare rates in minutes. After, you can select the loan that looks best to you and head down to your go-to dealership in Minneapolis with cash in hand.
Ready to purchase a new ride? Your poor credit doesn’t have to stop you. Apply with myAutoloan today and compare up to four bad credit auto loans in Minneapolis, MN!