Do I Have Bad Credit in Saint Louis, MO?
When you apply for a car loan, mortgage, or another type of loan, lenders in Missouri use your credit score to evaluate the likelihood of you repaying it. Your credit score is calculated using many factors, including the number of open accounts you have, your repayment history, the age of your credit accounts, and any remaining loan balances. While each Saint Louis, MO lender will have its own guidelines for what it considers a poor credit score, you may be seen as having bad credit if your score falls below 600. Lenders will also be nervous if you have a history of bankruptcy, foreclosure, or repossession.
Can I Still Get a Car Loan in Saint Louis, MO with Low Credit?
Many borrowers have asked, “Can I get a car loan with a credit score of 600 or less?” Yes, you can. Keep in mind, you'll likely face some challenges financing a car with bad credit in Saint Louis, MO. For starters, not every lender is willing to give a loan to someone with poor or no credit, so you may need to put in some extra hours to find a lender who will help with your financing. The good news is that myAutoloan partners with lenders specializing in bad credit loans.
Once you find a lender in Missouri, you may discover your low credit score impacts your loan. A poor credit score might limit your borrowing and lead to higher interest rates. This high interest rate will lead to higher 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 Saint Louis loan might be before filling out an application.
Concerned about your possible interest rate and monthly payment? You may want to think about improving your credit score before applying for auto loans in Saint Louis, Missouri. Check out our Guide to Better Credit for Auto Financing for information about credit scores and tips for quickly raising yours.
Find the Best Deal on Bad Credit Car Loans in Saint Louis, MO
A bad credit score can raise your car loan rate, making it more critical than ever to compare costs and find the right loan in Saint Louis, MO. myAutoloan is here to help you find the best loan — despite your credit history. All you need to do is select your offer type and fill out our secure, confidential application. We’ll show you up to four loans at a time so you can compare rates in minutes. After, you can select the best loan for you and head to your local Saint Louis dealership with cash in hand.
Why wait to get a new ride? Your poor credit doesn’t have to stop you. Apply now and compare up to four bad credit auto loans in Saint Louis, MO through myAutoloan!