How Do I Know If I Have Bad Credit in Jackson, MO?
When you borrow money — like a car loan — lenders in Missouri look at your credit score to evaluate how likely you are to repay 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 Jackson, MO lender has its own guidelines for what it deems a poor credit score, you could be seen as having bad credit if your score is less than 600. Lenders will also be nervous if you've gone through bankruptcy, repossession, or foreclosure.
Can I Still Get a Car Loan in Jackson, 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 Jackson, MO. First off, not every lender offers poor or no credit loans, so you may need to put in extra effort to find a lender who will work with you. Thankfully, myAutoloan partners with lenders that specialize in bad credit 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 more spent over the life of the loan. Our Interest Rate Estimator and Payment Calculator can help you see what the monthly payment on your Jackson loan might be before even applying.
Worried about your potential interest rate and monthly payment? You should consider boosting your credit score before you start applying for auto loans in Jackson, Missouri. 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 in Jackson, MO for Bad Credit Car Loans
A low credit score can increase your car loan rate, making it more critical than ever to compare lenders in Jackson, MO and find the right deal. At myAutoloan, we want to help you find the best loan — no matter your credit history. All you have to do is choose your offer type and fill out our secure, confidential application. You'll see up to four loans at once so you can compare rates in minutes. Finally, you can select the best loan for you and head down to your go-to dealership in Jackson with a loan in hand.
Ready to purchase a new ride? Bad credit doesn't have to stop you. Apply with myAutoloan today and compare up to four bad credit auto loans in Jackson, MO!