What Counts as Bad Credit in Independence, MO?
When you apply for a car loan, mortgage, or another type of loan, lenders in Missouri use your credit score to evaluate the probability that you'll repay it. Many factors play into your credit score, including the age of your credit accounts, the number of open accounts you have, any remaining loan balances, and your repayment history. While each Independence, MO lender has its own benchmarks for what it deems a poor credit score, you might be seen as having bad credit if you have a score below 600. Lenders will also be wary if you’ve experienced bankruptcy, repossession, or foreclosure.
Can I Still Get a Car Loan in Independence, MO with Bad Credit?
You’re not the first car buyer asking, “Can I get a car loan with a credit score of 600 or less?” Yes, you can. But, it's going to be harder to finance a car with bad credit in Independence, MO. Most notably, not every lender feels comfortable giving loans to people with poor or no credit, so you may need to put in extra effort to find a lender willing 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 see that 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. This high interest rate will lead to larger monthly payments and overall repayment. Tools like our Interest Rate Estimator and Payment Calculator can help you see an estimate for the monthly payment on your Independence loan before filling out an application.
Concerned about your possible interest rate and monthly payment? You might want to think about increasing your credit score before applying for Independence, Missouri auto loans. Take a look at our Guide to Better Credit for Auto Financing for help understanding and quickly raising 7our credit.
Find the Best Deal on Poor Credit Car Loans in Independence, MO
A low credit score can increase your car loan rate, making it more important than ever to compare lending options and find the right deal in Independence, MO. At myAutoloan, we want 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 in minutes so you can easily compare rates. After, you can choose the best loan for you and head down to your go-to dealership in Independence with a loan in hand.
Ready to purchase a new ride? Bad credit doesn't have to stop you. Apply today through myAutoloan and compare up to four Independence, MO bad credit auto loans!