How Do I Know If I Have Bad Credit in Lincoln, NE?
When you apply for a car loan, mortgage, or another type of loan, Nebraska lenders use your credit score to determine the chances 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 each lender in Lincoln, NE has its own criteria for what it deems 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've gone through bankruptcy, repossession, or foreclosure.
Can I Still Get a Car Loan in Lincoln, NE 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?” The short answer? Yes. But, financing a car in Lincoln, NE with bad credit won't necessarily be easy. For starters, not all lenders are willing to give a loan to someone with no or poor 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've chosen a lender in Nebraska, you may learn your low credit score changes your loan. A poor credit score can limit your borrowing and result in higher interest rates. This high interest rate will also mean higher monthly payments and more spent over the life of the loan. Tools like our Interest Rate Estimator and Payment Calculator can help you see what the monthly payment on your Lincoln loan could look like before filling out an application.
Do your potential interest rate and monthly payment have you sweating? You may want to look into raising your credit score before applying for auto loans in Lincoln, Nebraska. View our Guide to Better Credit for Auto Financing for information about credit scores and tips for quickly raising yours.
Find the Best Deal in Lincoln, NE for Bad Credit Car Loans
A bad credit score can raise your car loan rate, making it more important than ever to compare lenders in Lincoln, NE and find the right deal. myAutoloan wants to make sure you find the best loan — no matter your credit history. All you have to do is choose your offer type and complete 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 right loan for you and head to your favorite Lincoln dealership with a check in hand.
Need a new ride? Your poor credit doesn’t have to stop you. Apply with myAutoloan today and compare up to four bad credit auto loans in Lincoln, NE!