What Is Considered Bad Credit in Cape Girardeau, MO?
When you try to borrow money — like a car loan — Missouri lenders use your credit score to figure out the likelihood of you repaying 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 each lender in Cape Girardeau, MO has its own guidelines for what’s considered a poor credit score, you may be seen as having bad credit if you have a score below 600. Lenders will also be worried if you've experienced repossession, bankruptcy, or foreclosure.
Can I Get a Car Loan in Cape Girardeau, MO If I Have 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 simple answer is yes. Still, financing a car in Cape Girardeau, MO with bad credit won't necessarily be easy. 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 who will help with your financing. The good news is that myAutoloan partners with lenders specializing in bad credit loans.
Once you've chosen a lender in Missouri, you may see that your low credit score affects your loan. A poor credit score might limit your borrowing and lead to higher interest rates. Higher interest rates will mean larger monthly payments and overall loan costs. Use our Interest Rate Estimator and Payment Calculator to see what the monthly payment on your Cape Girardeau loan could look like before filling out an application.
Do your potential interest rate and monthly payment have you sweating? You may want to contemplate improving your credit score before applying for Cape Girardeau, Missouri auto loans. View 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 Cape Girardeau, MO Poor Credit Car Loans
A poor credit score can raise the rate on your car loan, making it more important than ever to compare lenders in Cape Girardeau, MO and find the right deal. myAutoloan wants to make sure you find the best loan — regardless of your credit history. Simply choose your offer type and complete a confidential, secure application. We'll show you up to four loans in minutes so you can easily compare rates. To finish, you can select the right loan for you and head down to your go-to dealership in Cape Girardeau with a loan in hand.
Ready to purchase your next ride? Bad credit doesn't have to stop you. Apply with myAutoloan today and compare up to four bad credit auto loans in Cape Girardeau, MO!