Do I Have Bad Credit in Worthington, MN?
When you apply for any type of loan, lenders in Minnesota look at your credit score to evaluate the chances of you repaying it. Your credit score is calculated using many factors, including your repayment history, the number of accounts you have open, the age of your credit accounts, and any remaining loan balances. While each Worthington, MN lender will have its own guidelines for what it deems a poor credit score, you are often seen as having bad credit if your score is lower than 600. Lenders will also be wary if you have a history of bankruptcy, foreclosure, or repossession.
Can I Still Get a Car Loan in Worthington, MN with Bad Credit?
Many car buyers have asked, “Can I get a car loan with a credit score of 600 or less?” The short answer is yes. Keep in mind, you'll likely face some challenges financing a car with bad credit in Worthington, MN. Most notably, not all lenders are willing to give a loan to someone with no or poor credit, so you may need to put in extra effort to find a lender inclined to work with you. Luckily, myAutoloan partners with lenders specializing in bad credit car loans.
When you find a lender in Minnesota, you may discover your low credit score affects your loan. A poor credit score can limit your borrowing and result in higher interest rates. This high interest rate will lead to higher monthly payments and total repayment. Tools like our Interest Rate Estimator and Payment Calculator can help you see what the monthly payment on your Worthington 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 raising your credit score before you apply for Worthington, Minnesota car loans. View 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 Worthington, 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 Worthington, MN. myAutoloan is here to help you find the best loan — regardless of your credit history. All you need to do is select your offer type and fill out our secure, confidential 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 to your favorite Worthington dealership with a loan in hand.
Ready to purchase a new ride? Bad credit doesn't have to get in the way. Apply today through myAutoloan and compare up to four Worthington, MN bad credit auto loans!