How Do I Know If I Have Bad Credit in Columbus, OH?
When you apply for a car loan, mortgage, or another type of loan, lenders in Ohio use your credit score to determine how likely you are to repay it. Many factors influence your credit score, including the age of your credit accounts, the number of open accounts you have, any remaining loan balances, and your repayment history. While each Columbus, OH lender has its own criteria for what it deems a poor credit score, you may be seen as having bad credit if your score is less than 600. Lenders will also be nervous if you've gone through bankruptcy, repossession, or foreclosure.
Can I Still Get a Car Loan in Columbus, OH with Bad Credit?
Many car buyers have asked, “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 Columbus, OH. To begin with, 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 help with your financing. 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 impacts your loan. You may have limited borrowing power and a higher interest rate due to your poor credit score. Higher interest rates will mean higher 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 Columbus loan could look like before filling out an application.
Concerned about your possible interest rate and monthly payment? You should think about improving your credit score before you start applying for auto loans in Columbus, Ohio. 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 in Columbus, OH for Bad Credit Car Loans
A low credit score can increase the rate on your car loan, making it more critical than ever to compare lenders in Columbus, OH and find the right deal. At myAutoloan, we want to help you find the best loan — no matter your credit history. All you need to do is select your offer type and complete our secure, confidential application. We'll show you up to four loans at once, allowing you to compare rates in minutes. Then, you can select the loan that looks best to you and head to your local Columbus dealership with a loan in hand.
Why wait to get a new ride? Your poor credit doesn’t have to stop you. Apply through myAutoloan now and review up to four Columbus, OH bad credit car loans!