What Counts as Bad Credit in Canton, OH?
When you apply for any type of loan, lenders in Ohio use your credit score to determine the probability that you'll repay it. Many factors go into 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 every Canton, OH lender has its own criteria for what’s considered a poor credit score, you may be seen as having bad credit if you have a score below 600. Lenders will also be more cautious if you have a history of bankruptcy, foreclosure, or repossession.
Can I Still Get a Car Loan in Canton, OH with Bad Credit?
Many borrowers have asked, “Can I get a car loan with a credit score of 600 or less?” The simple answer is yes. However, financing a car with bad credit in Canton, OH will come with some challenges. First off, not every lender feels comfortable giving loans to people with poor or no credit, so it may take some extra time to find a lender who will help with your financing. Thankfully, myAutoloan partners with lenders that specialize in bad credit loans.
Once you've found a lender in Ohio, you may discover your low credit score affects your loan. A poor credit score can limit your borrowing and result in higher interest rates. This high interest rate will lead to higher monthly payments and total repayment. Tools like our Interest Rate Estimator and Payment Calculator can help you see what the monthly payment on your Canton loan might look like before even applying.
Do your potential interest rate and monthly payment have you sweating? You might want to look into improving your credit score before you apply for Canton, Ohio car loans. Check out 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 Bad Credit Car Loans in Canton, OH
A poor credit score can raise the rate on your car loan, making it more critical than ever to compare lending options and find the right deal in Canton, OH. myAutoloan is here to help you find the best loan — even without the best 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 in minutes so you can easily compare rates. Then, you can select the loan that looks best to you and head to your local Canton dealership with a loan in hand.
Ready to purchase your next ride? Poor credit shouldn't stop you. Apply today through myAutoloan and compare up to four Canton, OH bad credit auto loans!