What Is Considered Bad Credit in De Soto, MO?
When you apply for any type of loan, Missouri lenders look at your credit score to determine 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 every De Soto, MO lender has its own benchmarks for what it deems a poor credit score, you might be seen as having bad credit if your score is less than 600. Lenders will also be nervous if you've experienced repossession, bankruptcy, or foreclosure.
Is it Possible to Get a Car Loan in De Soto, MO with Bad Credit?
You're not the first car buyer to wonder, “Can I get a car loan with a credit score of 600 or less?” The short answer? Yes. Keep in mind, it's going to be harder to finance a car with bad credit in De Soto, MO. To begin with, 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. Luckily, myAutoloan partners with lenders specializing in bad credit car loans.
When you find a lender in Missouri, you may see that your loan is impacted by your low credit score. A poor credit score might limit your borrowing and lead to higher interest rates. This high interest rate will also mean higher monthly payments and overall repayment. Our Interest Rate Estimator and Payment Calculator can help you see what the monthly payment on your De Soto loan might be before filling out an application.
Do your potential interest rate and monthly payment have you worried? You may want to think about increasing your credit score before applying for De Soto, Missouri auto loans. View our Guide to Better Credit for Auto Financing for information about credit scores and tips for quickly raising yours.
Find the Best Deal in De Soto, MO for Bad Credit Car Loans
A bad credit score can raise your car loan rate, making it more critical than ever to compare costs to find the right deal in De Soto, MO. myAutoloan is here to help you find the best loan — regardless of your credit history. All you need to do is select your offer type and complete a confidential, secure application. We’ll show you up to four loans at a time so you can compare rates in minutes. Then, you can select the best loan for you and head to your favorite De Soto dealership with a loan in hand.
Need a new ride? Bad credit doesn't have to get in the way. Apply today through myAutoloan and compare up to four De Soto, MO bad credit auto loans!