What Is Considered Bad Credit in Meridian, MS?
When you borrow money — like a car loan — Mississippi lenders look at your credit score to determine the chances of you repaying it. Many factors go into your credit score, including the number of open accounts you have, your repayment history, the age of your credit accounts, and any remaining loan balances. While each Meridian, MS 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 nervous if you’ve experienced bankruptcy, repossession, or foreclosure.
Is it Possible to Get a Car Loan in Meridian, 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, it's going to be harder to finance a car with bad credit in Meridian, MS. For starters, 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 who will help with your financing. Thankfully, myAutoloan partners with lenders that specialize in bad credit loans.
Once you've chosen a lender in Mississippi, you may see that your low credit score impacts your loan. A poor credit score can limit your borrowing and result in higher interest rates. This high interest rate will also mean higher monthly payments and more spent over the life of the loan. Tools like our Interest Rate Estimator and Payment Calculator can help you see what the monthly payment on your Meridian loan might look like before you apply.
Worried about your potential interest rate and monthly payment? You may want to think about improving your credit score before applying for Meridian, Mississippi auto loans. View our Guide to Better Credit for Auto Financing for help understanding and quickly raising 7our credit.
Find the Best Deal in Meridian, MS for Bad Credit Car Loans
A poor credit score can increase your car loan rate, so it's more critical than ever to compare costs to find the right deal in Meridian, MS. At myAutoloan, we want to help you find the best loan — regardless of your credit history. Simply choose 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. Finally, you can choose the best loan for you and head down to your go-to dealership in Meridian with cash in hand.
Need a new ride? Bad credit doesn't have to get in the way. Apply now and compare up to four bad credit auto loans in Meridian, MS through myAutoloan!