What Is Considered Bad Credit in Festus, MO?
When you borrow money — like a car loan — Missouri lenders look at your credit score to evaluate the likelihood of you repaying it. Many factors play 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 every Festus, MO lender has its own criteria for what it considers a poor credit score, you could be seen as having bad credit if your score falls below 600. Lenders will also be more cautious if you’ve experienced bankruptcy, repossession, or foreclosure.
Can I Still Get a Car Loan in Festus, MO with Low 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 is yes. Keep in mind, you'll likely face some challenges financing a car with bad credit in Festus, MO. Most notably, not all lenders are willing to give a loan to someone with no or poor credit, so it may take some extra time to find 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 Missouri, you may notice your loan is impacted by your low credit score. You may have limited borrowing power and a higher interest rate due to your poor credit score. High interest rates 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 Festus loan might be before even applying.
Worried about your potential interest rate and monthly payment? You should look into improving your credit score before you start applying for auto loans in Festus, Missouri. Study our Guide to Better Credit for Auto Financing for help understanding and quickly raising 7our credit.
Find the Best Deal on Bad Credit Car Loans in Festus, MO
A low credit score can increase the rate on your car loan, making it more crucial than ever to compare lenders in Festus, MO and find the right deal. myAutoloan wants to make sure you find the best loan — despite your credit history. All you have to do is select your offer type and complete our secure, confidential application. We'll show you up to four loans in minutes so you can easily compare rates. Then, you can choose the best loan for you and head to your local Festus dealership with money in hand.
Ready to purchase a new ride? Poor credit shouldn't stop you. Apply today through myAutoloan and compare up to four Festus, MO bad credit auto loans!