What Is Considered Bad Credit in Saint Cloud, MN?
When you apply for any type of loan, Minnesota lenders look at your credit score to evaluate how likely you are to 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 Saint Cloud, MN lender has its own guidelines for what's considered a low credit score, you are often seen as having bad credit if you have a score below 600. Lenders will also be nervous if you’ve experienced bankruptcy, repossession, or foreclosure.
Can I Still Get a Car Loan in Saint Cloud, MN with Bad Credit?
Many borrowers have asked, “Can I get a car loan with a credit score of 600 or less?” The short answer? Yes. Keep in mind, financing a car in Saint Cloud, MN with bad credit won't necessarily be easy. To begin with, not every lender is willing to give a loan to someone with poor or no credit, so you may need to put in some extra hours to find a lender who will work with you. Thankfully, myAutoloan partners with lenders that specialize in bad credit loans.
When you find a lender in Minnesota, you may notice your low credit score impacts your loan. A poor credit score might limit your borrowing and lead to higher interest rates. Higher interest rates will mean larger monthly payments and total repayment. With our Interest Rate Estimator and Payment Calculator, you can see what the monthly payment on your Saint Cloud loan might look like before you apply.
Do your potential interest rate and monthly payment have you sweating? You may want to consider increasing your credit score before you start applying for auto loans in Saint Cloud, Minnesota. 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 Poor Credit Car Loans in Saint Cloud, MN
A poor credit score can increase your car loan rate, making it more critical than ever to compare costs and find the right loan in Saint Cloud, MN. myAutoloan wants to make sure you find the best loan — despite 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. Finally, you can select the loan that looks best to you and head to your favorite Saint Cloud dealership with money in hand.
Why wait to get a new ride? Bad credit doesn't have to stop you. Apply through myAutoloan now and review up to four Saint Cloud, MN bad credit car loans!