Do I Have Bad Credit in New Albany, MS?
When you borrow money — like a car loan — Mississippi lenders use your credit score to decide 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 lender in New Albany, MS has its own benchmarks for what's considered a low credit score, you are often seen as having bad credit if your score falls below 600. Lenders will also be more cautious if you've experienced repossession, bankruptcy, or foreclosure.
Can I Still Get a Car Loan in New Albany, MS with Bad Credit?
You’re not the first car buyer asking, “Can I get a car loan with a credit score of 600 or less?” The short answer? Yes. Keep in mind, financing a car with bad credit in New Albany, MS will come with some challenges. To begin with, not every lender feels comfortable giving loans to people with poor or no credit, so you may need to spend some extra time finding 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 learn your low credit score changes your loan. A poor credit score can result in limited borrowing and higher interest rates. High interest rates also mean higher monthly payments and total repayment. Our Interest Rate Estimator and Payment Calculator can help you see what the monthly payment on your New Albany loan could look like before you apply.
Do your potential interest rate and monthly payment have you sweating? You may want to consider raising your credit score before applying for auto loans in New Albany, Mississippi. Take a look at our Guide to Better Credit for Auto Financing for information about credit scores and tips for quickly raising yours.
Find the Best Deal in New Albany, MS for Bad Credit Car Loans
A poor credit score can increase your car loan rate, making it more critical than ever to compare lending options and find the right deal in New Albany, MS. myAutoloan wants to make sure you find the best loan — even without the best 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 once, allowing you to compare rates in minutes. After, you can select the right loan for you and head down to your go-to dealership in New Albany with a check in hand.
Why wait to get a new ride? Bad credit doesn't have to stop you. Apply today through myAutoloan and compare up to four New Albany, MS bad credit auto loans!