What Counts as Bad Credit in Biloxi, MS?
When you try to borrow money — like a car loan — lenders in Mississippi use your credit score to decide the chances 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 each lender in Biloxi, MS has its own benchmarks for what it deems a poor credit score, you might be seen as having bad credit if you have a score below 600. Lenders will also be worried if you've gone through bankruptcy, repossession, or foreclosure.
Is it Possible to Get a Car Loan in Biloxi, MS 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. But, financing a car in Biloxi, MS with bad credit won't necessarily be easy. First off, not all lenders are willing to give a loan to someone with no or poor credit, so it may take some extra time to find a lender inclined to work with you. Luckily, myAutoloan partners with lenders specializing in bad credit car loans.
Once you've chosen a lender in Mississippi, you may notice 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 also mean larger monthly payments and overall loan costs. Tools like our Interest Rate Estimator and Payment Calculator can help you see an estimate for the monthly payment on your Biloxi loan before completing an application.
Do your potential interest rate and monthly payment have you worried? You might want to look into increasing your credit score before you apply for Biloxi, Mississippi car loans. Study our Guide to Better Credit for Auto Financing to better understand your credit score and how you can raise it.
Find the Best Deal in Biloxi, MS for Bad Credit Car Loans
A low credit score can raise the rate on your car loan, so it's more critical than ever to compare costs to find the right deal in Biloxi, MS. myAutoloan is here to help you find the best loan — regardless of your credit history. Simply choose your offer type and complete our secure, confidential application. We’ll show you up to four loans at a time so you can compare rates in minutes. Finally, you can select the best loan for you and visit any dealership in Biloxi with a loan in hand.
Ready to purchase your next ride? Bad credit doesn't have to stop you. Apply now and compare up to four bad credit auto loans in Biloxi, MS through myAutoloan!