What Is Considered Bad Credit in Franklin, OH?
When you apply for any type of loan, Ohio lenders use your credit score to determine the chances of you repaying 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 lender in Franklin, OH has its own criteria for what it deems a poor 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 Still Get a Car Loan in Franklin, 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 simple answer is yes. However, financing a car in Franklin, OH with bad credit won't necessarily be easy. First off, not every lender offers poor or no credit loans, so you may need to put in extra effort to find a lender willing to work with you. Thankfully, myAutoloan has lending partners that specialize in bad credit loans.
Once you've chosen a lender in Ohio, you may learn your low credit score impacts your loan. A poor credit score can result in limited borrowing and higher interest rates. Higher interest rates will mean higher monthly payments and overall repayment. With our Interest Rate Estimator and Payment Calculator, you can see what the monthly payment on your Franklin loan might be before you apply.
Do your potential interest rate and monthly payment have you sweating? You should consider boosting your credit score before applying for Franklin, Ohio auto loans. Take a look at our Guide to Better Credit for Auto Financing to learn about credit scores and how you can quickly raise yours.
Find the Best Deal on Poor Credit Car Loans in Franklin, OH
A bad credit score can raise the rate on your car loan, so it's more critical than ever to compare lenders in Franklin, OH and find the right deal. At myAutoloan, we want to help you find the best loan — despite 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. To finish, you can select the best loan for you and visit any dealership in Franklin with cash in hand.
Need a new ride? Bad credit doesn't have to get in the way. Apply today through myAutoloan and compare up to four Franklin, OH bad credit auto loans!