How Do I Know If I Have Bad Credit in Jackson, MS?
When you apply for any type of loan, Mississippi lenders look at your credit score to decide how likely you are to repay it. Your credit score is calculated using many factors, including the number of open accounts you have, your repayment history, the age of your credit accounts, and any remaining loan balances. While every Jackson, MS lender has its own guidelines for what's considered a low credit score, you might be seen as having bad credit if your score is lower than 600. Lenders will also be worried if you've gone through bankruptcy, repossession, or foreclosure.
Can I Still Get a Car Loan in Jackson, MS 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. Still, financing a car with bad credit in Jackson, MS will come with some challenges. First off, not every lender offers poor or no credit loans, so you may need to spend some extra time finding a lender who will help with your financing. Thankfully, myAutoloan partners with lenders that specialize in bad credit loans.
When you find a lender in Mississippi, you may discover your low credit score changes your loan. A poor credit score can result in limited borrowing and higher interest rates. This high interest rate will also mean larger monthly payments and total repayment. Tools like our Interest Rate Estimator and Payment Calculator can help you see what the monthly payment on your Jackson loan might be before completing an application.
Concerned about your possible interest rate and monthly payment? You might want to think about raising your credit score before you apply for Jackson, Mississippi car loans. Take a look at 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 Jackson, MS
A poor 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 Jackson, MS. myAutoloan wants to make sure you find the best loan — regardless of your credit history. Simply choose your offer type and fill out our secure, confidential application. You'll see up to four loans at once so you can compare rates in minutes. Finally, you can choose the best loan for you and head to your favorite Jackson dealership with a check 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 Jackson, MS bad credit auto loans!