What Counts as Bad Credit in Ashtabula, OH?
When you try to borrow money — like a car loan — Ohio lenders look at your credit score to decide the probability that you'll repay 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 every Ashtabula, OH lender has its own criteria for what it deems a poor credit score, you could be seen as having bad credit if you have a score 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 Ashtabula, OH with Low Credit?
Many car buyers have asked, “Can I get a car loan with a credit score of 600 or less?” Yes, you can. However, financing a car in Ashtabula, OH with bad credit won't necessarily be easy. First off, not every lender is willing to give a loan to someone with poor or no credit, so you may need to put in extra effort to find a lender willing to work with you. The good news is that myAutoloan partners with lenders specializing in bad credit loans.
When you find a lender in Ohio, you may notice your low credit score changes your loan. A poor credit score can result in limited borrowing and higher interest rates. This high interest rate will lead to higher monthly payments and overall repayment. With our Interest Rate Estimator and Payment Calculator, you can see what the monthly payment on your Ashtabula loan might look like before even applying.
Do your potential interest rate and monthly payment have you worried? You might want to consider improving your credit score before applying for auto loans in Ashtabula, Ohio. Study our Guide to Better Credit for Auto Financing to better understand your credit score and how you can raise it.
Find the Best Deal on Poor Credit Car Loans in Ashtabula, OH
A low credit score can increase the rate on your car loan, making it more important than ever to compare lenders in Ashtabula, OH and find the right deal. At myAutoloan, we want to help you find the best loan — even without the best credit history. Simply choose your offer type and complete or confidential and secure 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 down to your go-to dealership in Ashtabula with money in hand.
Need a new ride? Poor credit shouldn't stop you. Apply through myAutoloan now and review up to four Ashtabula, OH bad credit car loans!