What Counts as Bad Credit in Rochester, MN?
When you apply for a car loan, mortgage, or another type of loan, lenders in Minnesota use your credit score to determine how likely you are to repay 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 every lender in Rochester, MN will have its own guidelines for what’s considered a poor credit score, you could be seen as having bad credit if you have a score below 600. Lenders will also be worried if you've experienced repossession, bankruptcy, or foreclosure.
Is it Possible to Get a Car Loan in Rochester, MN with Bad Credit?
You're not the first car buyer to wonder, “Can I get a car loan with a credit score of 600 or less?” The simple answer is yes. Keep in mind, financing a car with bad credit in Rochester, MN will come with some challenges. Most notably, not every lender is willing to give a loan to someone with poor or no credit, so you may need to spend some extra time finding a lender willing to work with you. Thankfully, myAutoloan has lending partners that specialize in bad credit loans.
Once you've found a lender in Minnesota, you may discover your low credit score impacts your loan. You may have limited borrowing power and a higher interest rate due to your poor credit score. This high interest rate will also mean larger monthly payments and more spent over the life of the loan. Tools like our Interest Rate Estimator and Payment Calculator can help you see what the monthly payment on your Rochester loan might look like before you apply.
Worried about your potential interest rate and monthly payment? You should look into improving your credit score before you apply for Rochester, Minnesota car loans. Check out our Guide to Better Credit for Auto Financing to better understand your credit score and how you can raise it.
Find the Best Deal on Bad Credit Car Loans in Rochester, MN
A low credit score can increase your car loan rate, making it more crucial than ever to compare lenders in Rochester, MN and find the right deal. myAutoloan wants to make sure you find the best loan — regardless of your credit history. All you need to do is select your offer type and complete or confidential and secure application. We’ll show you up to four loans at a time so you can compare rates in minutes. Then, you can choose the best loan for you and head to your local Rochester dealership with a check in hand.
Ready to purchase a new ride? Bad credit doesn't have to stop you. Apply with myAutoloan today and compare up to four bad credit auto loans in Rochester, MN!