What Counts as Bad Credit in Delaware, OH?
When you try to borrow money — like a car loan — lenders in Ohio use your credit score to determine the likelihood of you repaying 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 each Delaware, OH lender has its own benchmarks for what's considered a bad credit score, you could be seen as having bad credit if your score sits under the 600 benchmark. Lenders will also be nervous if you’ve experienced bankruptcy, repossession, or foreclosure.
Can I Still Get a Car Loan in Delaware, OH with 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. But, financing a car with bad credit in Delaware, OH will come with some challenges. Most notably, 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 willing to work with you. The good news is that myAutoloan partners with lenders specializing in bad credit loans.
When you find 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. Higher interest rates will mean higher monthly payments and more spent over the life of the loan. Tools like our Interest Rate Estimator and Payment Calculator can help you see what the monthly payment on your Delaware loan could look like before you apply.
Do your potential interest rate and monthly payment have you worried? You may want to consider raising your credit score before you apply for Delaware, Ohio car 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 Delaware, OH for Bad Credit Car Loans
A low credit score can increase the rate on your car loan, making it more crucial than ever to compare lending options and find the right deal in Delaware, OH. myAutoloan wants to make sure you find the best loan — no matter your credit history. All you have to do is choose your offer type and fill out 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 right loan for you and head to your favorite Delaware dealership with a check in hand.
Need a new ride? Your poor credit doesn’t have to stop you. Apply with myAutoloan today and compare up to four bad credit auto loans in Delaware, OH!