What Counts as Bad Credit in Troy, MO?
When you apply for a car loan, mortgage, or another type of loan, lenders in Missouri use your credit score to decide the likelihood of you repaying it. Many factors influence your credit score, including your repayment history, the number of accounts you have open, the age of your credit accounts, and any remaining loan balances. While each Troy, MO lender has its own guidelines for what it considers a poor credit score, you are often seen as having bad credit if you have a score below 600. Lenders will also be more cautious if you've experienced repossession, bankruptcy, or foreclosure.
Can I Still Get a Car Loan in Troy, 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, financing a car with bad credit in Troy, MO will come with some challenges. To begin with, not every lender is willing to give a loan to someone with poor or no 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 find a lender in Missouri, you may see that your low credit score impacts your loan. A poor credit score can limit your borrowing and result in higher interest rates. High interest rates also mean higher monthly payments and overall repayment. Use our Interest Rate Estimator and Payment Calculator to see what the monthly payment on your Troy loan might look like before filling out an application.
Concerned about your possible interest rate and monthly payment? You may want to contemplate raising your credit score before applying for Troy, Missouri auto loans. Study our Guide to Better Credit for Auto Financing to learn about credit scores and how you can quickly raise yours.
Find the Best Deal in Troy, MO for Bad Credit Car Loans
A poor credit score can increase the rate on your car loan, making it more crucial than ever to compare costs to find the right deal in Troy, MO. myAutoloan wants to help you find the best loan — even without the best credit history. All you have 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. Finally, you can select the best loan for you and head to your local Troy dealership with cash in hand.
Why wait to get a new ride? Poor credit shouldn't stop you. Apply with myAutoloan today and compare up to four bad credit auto loans in Troy, MO!