What Is Considered Bad Credit in Cleveland, OH?
When you try to borrow money — like a car loan — Ohio lenders use your credit score to figure out how likely you are to 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 Cleveland, OH lender has its own criteria for what's considered a low credit score, you are often seen as having bad credit if you have a score below 600. Lenders will also be nervous if you've experienced repossession, bankruptcy, or foreclosure.
Can I Get a Car Loan in Cleveland, OH If I Have Bad Credit?
Many car buyers have asked, “Can I get a car loan with a credit score of 600 or less?” The simple answer is yes. However, it's going to be harder to finance a car with bad credit in Cleveland, OH. 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 extra effort to find a lender who will work with you. Luckily, myAutoloan partners with lenders specializing in bad credit car 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 larger monthly payments and more spent over the life of the loan. With our Interest Rate Estimator and Payment Calculator, you can see what the monthly payment on your Cleveland loan might look like before you apply.
Concerned about your possible interest rate and monthly payment? You might want to contemplate increasing your credit score before applying for Cleveland, Ohio auto loans. View our Guide to Better Credit for Auto Financing to learn about credit scores and how you can quickly raise yours.
Find the Best Deal in Cleveland, OH for Bad Credit Car Loans
A bad credit score can increase your car loan rate, making it more critical than ever to compare costs to find the right deal in Cleveland, OH. At myAutoloan, we want to help you find the best loan — despite your credit history. All you need to do is select 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. After, you can select the loan that looks best to you and head to your favorite Cleveland dealership with money in hand.
Ready to purchase a new ride? Bad credit doesn't have to stop you. Apply now and compare up to four bad credit auto loans in Cleveland, OH through myAutoloan!