What Is Considered Bad Credit in Fairborn, OH?
When you borrow money — like a car loan — Ohio lenders use your credit score to determine the probability that you'll repay it. Many factors play 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 Fairborn, OH lender has its own criteria for what it deems a poor credit score, you are often seen as having bad credit if your score falls below 600. Lenders will also be worried if you've gone through bankruptcy, repossession, or foreclosure.
Can I Still Get a Car Loan in Fairborn, OH with Low 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? Yes. Keep in mind, you'll likely face some challenges financing a car with bad credit in Fairborn, OH. Most notably, not every lender offers poor or no credit loans, so you may need to put in some extra hours to find a lender who will help with your financing. The good news is that myAutoloan partners with lenders specializing in bad credit loans.
Once you've found a lender in Ohio, you may learn your low credit score changes your loan. A poor credit score can limit your borrowing and result in higher interest rates. High interest rates also mean higher monthly payments and overall repayment. With our Interest Rate Estimator and Payment Calculator, you can see what the monthly payment on your Fairborn loan might be before you apply.
Do your potential interest rate and monthly payment have you sweating? You might want to think about increasing your credit score before you start applying for auto loans in Fairborn, Ohio. Take a look at 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 Fairborn, OH Poor Credit Car Loans
A poor credit score can raise your car loan rate, making it more important than ever to compare lending options and find the right deal in Fairborn, OH. At myAutoloan, we want to help you find the best loan — no matter your credit history. All you have to do is choose 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. Then, you can choose the best loan for you and head to your favorite Fairborn dealership with cash in hand.
Need a new ride? Your poor credit doesn’t have to stop you. Apply today through myAutoloan and compare up to four Fairborn, OH bad credit auto loans!