How Do I Know If I Have Bad Credit in Columbia, MO?
When you apply for any type of loan, Missouri lenders use your credit score to decide the chances of you repaying it. Your credit score is calculated using many factors, including the age of your credit accounts, the number of open accounts you have, any remaining loan balances, and your repayment history. While every lender in Columbia, MO has its own benchmarks for what’s considered a poor credit score, you might be seen as having bad credit if your score is less than 600. Lenders will also be worried if you've experienced repossession, bankruptcy, or foreclosure.
Can I Still Get a Car Loan in Columbia, MO with Bad Credit?
Many car buyers have asked, “Can I get a car loan with a credit score of 600 or less?” Yes, you can. But, you'll likely face some challenges financing a car with bad credit in Columbia, MO. For starters, not every lender offers poor or no credit loans, so you may need to put in extra effort to find a lender who will help with your financing. Thankfully, myAutoloan has lending partners that specialize in bad credit loans.
Once you've chosen a lender in Missouri, you may learn your low credit score changes your loan. A poor credit score can result in limited borrowing and higher interest rates. This high interest rate will also mean higher monthly payments and overall loan costs. Use our Interest Rate Estimator and Payment Calculator to see what the monthly payment on your Columbia loan might look like before filling out an application.
Do your potential interest rate and monthly payment have you worried? You may want to contemplate increasing your credit score before applying for auto loans in Columbia, Missouri. 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 on Bad Credit Car Loans in Columbia, MO
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 Columbia, MO. myAutoloan wants to help you find the best loan — despite your credit history. All you have to do is choose your offer type and complete our secure, confidential application. We'll show you up to four loans at once, allowing you to compare rates in minutes. After, you can choose the best loan for you and head to your favorite Columbia dealership with money in hand.
Ready to purchase a new ride? Your poor credit doesn’t have to stop you. Apply with myAutoloan today and compare up to four bad credit auto loans in Columbia, MO!