What Is Considered Bad Credit in Union, MS?
When you try to borrow money — like a car loan — Mississippi lenders look at your credit score to evaluate 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 Union, MS will have its own guidelines for what’s considered a poor credit score, you could be seen as having bad credit if your score is less than 600. Lenders will also be wary if you’ve experienced bankruptcy, repossession, or foreclosure.
Can I Still Get a Car Loan in Union, MS with Low 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. Still, you'll likely face some challenges financing a car with bad credit in Union, MS. Most notably, not every lender feels comfortable giving loans to people with poor or no credit, so you may need to put in some extra hours to find a lender inclined to work with you. Thankfully, myAutoloan partners with lenders that specialize in bad credit loans.
When you find a lender in Mississippi, you may learn your loan is impacted by your low credit score. A poor credit score can result in limited borrowing and higher interest rates. This high interest rate will also mean higher monthly payments and more spent over the life of the loan. Use our Interest Rate Estimator and Payment Calculator to see an estimate for the monthly payment on your Union loan before completing an application.
Do your potential interest rate and monthly payment have you sweating? You should consider raising your credit score before applying for Union, Mississippi auto loans. Check out 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 Union, MS for Bad Credit Car Loans
A low credit score can increase the rate on your car loan, making it more crucial than ever to compare lending options and find the right deal in Union, MS. At myAutoloan, we want to help you find the best loan — even without the best credit history. All you have to do is select your offer type and complete our secure, confidential application. You'll see up to four loans at once so you can compare rates in minutes. After, you can select the loan that looks best to you and head to your local Union dealership with a check in hand.
Why wait to get a new ride? Poor credit shouldn't stop you. Apply through myAutoloan now and review up to four Union, MS bad credit car loans!