What Is Considered Bad Credit in Bellefontaine, OH?
When you apply for a car loan, mortgage, or another type of loan, Ohio lenders look at your credit score to determine how likely you are to repay 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 every Bellefontaine, OH lender has its own benchmarks for what it deems a poor credit score, you are often seen as having bad credit if your score is less than 600. Lenders will also be wary if you've gone through bankruptcy, repossession, or foreclosure.
Can I Get a Car Loan in Bellefontaine, OH If I Have 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 simple answer is yes. But, financing a car in Bellefontaine, OH with bad credit won't necessarily be easy. First off, not every lender feels comfortable giving loans to people with poor or no credit, so you may need to put in some extra hours to find a lender willing to work with you. Thankfully, myAutoloan partners with lenders that specialize in bad credit loans.
Once you've chosen a lender in Ohio, you may discover your low credit score impacts your loan. A poor credit score can result in limited borrowing and higher interest rates. This high interest rate will also mean larger monthly payments and overall repayment. Our Interest Rate Estimator and Payment Calculator can help you see an estimate for the monthly payment on your Bellefontaine loan before completing an application.
Do your potential interest rate and monthly payment have you worried? You should consider increasing your credit score before applying for Bellefontaine, Ohio auto loans. 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 on Bellefontaine, OH Poor Credit Car Loans
A low credit score can increase the rate on your car loan, making it more critical than ever to compare lending options and find the right deal in Bellefontaine, OH. myAutoloan is here to help you find the best loan — regardless of your credit history. All you have to do is choose your offer type and complete or confidential and secure application. You'll see up to four loans at once so you can compare rates in minutes. To finish, you can select the right loan for you and head to your local Bellefontaine dealership with cash in hand.
Ready to purchase your next ride? Bad credit doesn't have to stop you. Apply now and compare up to four bad credit auto loans in Bellefontaine, OH through myAutoloan!