What Counts as Bad Credit in Saint Paul, MN?
When you apply for a car loan, mortgage, or another type of loan, Minnesota lenders look at your credit score to determine the likelihood of you repaying it. Many factors play into your credit score, including any remaining loan balances, your repayment history, the number of open accounts you have, and the age of your credit accounts. While every Saint Paul, MN lender has its own benchmarks 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 more cautious if you've experienced repossession, bankruptcy, or foreclosure.
Can I Still Get a Car Loan in Saint Paul, MN with Low Credit?
Many borrowers have asked, “Can I get a car loan with a credit score of 600 or less?” The short answer? Yes. However, you'll likely face some challenges financing a car with bad credit in Saint Paul, MN. To begin with, not every lender feels comfortable giving loans to people with poor or no credit, so you may need to spend some extra time finding a lender who will work with you. Thankfully, myAutoloan has lending partners that specialize in bad credit loans.
Once you find 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. High interest rates also mean higher monthly payments and overall loan costs. Our Interest Rate Estimator and Payment Calculator can help you see an estimate for the monthly payment on your Saint Paul loan before you apply.
Do your potential interest rate and monthly payment have you sweating? You might want to look into increasing your credit score before you start applying for auto loans in Saint Paul, Minnesota. View 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 Poor Credit Car Loans in Saint Paul, MN
A poor credit score can raise the rate on your car loan, making it more important than ever to compare lending options and find the right deal in Saint Paul, MN. myAutoloan wants to help you find the best loan — no matter your credit history. All you have to do is choose your offer type and complete or confidential and secure application. We'll show you up to four loans at once, allowing you to compare rates in minutes. Then, you can select the right loan for you and head to your local Saint Paul dealership with a check in hand.
Need a new ride? Bad credit doesn't have to get in the way. Apply through myAutoloan now and review up to four Saint Paul, MN bad credit car loans!