What Is Considered Bad Credit in Cincinnati, OH?
When you apply for a car loan, mortgage, or another type of loan, Ohio lenders look at your credit score to figure out how likely you are to 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 each lender in Cincinnati, OH has its own benchmarks for what's considered a low credit score, you might be seen as having bad credit if your score is lower than 600. Lenders will also be worried if you’ve experienced bankruptcy, repossession, or foreclosure.
Is it Possible to Get a Car Loan in Cincinnati, OH with Bad Credit?
You're not the first car buyer to wonder, “Can I get a car loan with a credit score of 600 or less?” The short answer is yes. But, it's going to be harder to finance a car with bad credit in Cincinnati, OH. First off, not every lender is willing to give a loan to someone with poor or no credit, so you may need to spend some extra time finding a lender inclined 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 see that your low credit score impacts your loan. A poor credit score can result in limited borrowing and higher interest rates. High interest rates also mean higher monthly payments and overall repayment. Our Interest Rate Estimator and Payment Calculator can help you see what the monthly payment on your Cincinnati loan could look like before filling out an application.
Worried about your potential interest rate and monthly payment? You may want to think about increasing your credit score before applying for Cincinnati, Ohio auto loans. Check out our Guide to Better Credit for Auto Financing for information about credit scores and tips for quickly raising yours.
Find the Best Deal on Bad Credit Car Loans in Cincinnati, OH
A poor credit score can raise your car loan rate, making it more crucial than ever to compare costs and find the right loan in Cincinnati, OH. myAutoloan is here to help you find the best loan — regardless of your credit history. All you need to do is select your offer type and complete our secure, confidential application. You'll see up to four loans at once so you can compare rates in minutes. Finally, you can select the loan that looks best to you and visit any dealership in Cincinnati with a check in hand.
Ready to purchase a new ride? Bad credit doesn't have to stop you. Apply today through myAutoloan and compare up to four Cincinnati, OH bad credit auto loans!