Do I Have Bad Credit in Laurel, MS?
When you apply for a car loan, mortgage, or another type of loan, lenders in Mississippi use your credit score to determine 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 every Laurel, MS lender will have its own guidelines for what’s considered a poor credit score, you could be seen as having bad credit if your score falls below 600. Lenders will also be more cautious if you have a history of bankruptcy, foreclosure, or repossession.
Can I Get a Car Loan in Laurel, MS If I Have Bad Credit?
You're not the first car buyer to wonder, “Can I get a car loan with a credit score of 600 or less?” Yes, you can. Keep in mind, you'll likely face some challenges financing a car with bad credit in Laurel, MS. First off, not every lender offers poor or no credit loans, so it may take some extra time to find a lender who will work with you. Luckily, myAutoloan partners with lenders specializing in bad credit car loans.
When you find a lender in Mississippi, you may notice your low credit score changes your loan. You may have limited borrowing power and a higher interest rate due to your poor credit score. This high interest rate will lead to higher monthly payments and total repayment. Our Interest Rate Estimator and Payment Calculator can help you see what the monthly payment on your Laurel loan might be before you apply.
Do your potential interest rate and monthly payment have you worried? You might want to contemplate increasing your credit score before applying for Laurel, Mississippi auto 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 in Laurel, MS for Bad Credit Car Loans
A low credit score can increase the rate on your car loan, making it more important than ever to compare lending options and find the right deal in Laurel, MS. myAutoloan wants to make sure you find the best loan — no matter your credit history. All you have to do is select your offer type and complete or confidential and secure application. We’ll show you up to four loans at a time so you can compare rates in minutes. To finish, you can choose the best loan for you and head to your favorite Laurel dealership with a check in hand.
Need a new ride? Bad credit doesn't have to get in the way. Apply with myAutoloan today and compare up to four bad credit auto loans in Laurel, MS!