What Is Considered Bad Credit in Lakewood, OH?
When you try to borrow money — like a car loan — lenders in Ohio look at your credit score to determine how likely you are to repay it. Many factors influence your credit score, including any remaining loan balances, your repayment history, the number of open accounts you have, and the age of your credit accounts. While every Lakewood, OH lender will have its own guidelines for what it considers a poor credit score, you might be seen as having bad credit if your score is less than 600. Lenders will also be wary if you’ve experienced bankruptcy, repossession, or foreclosure.
Can I Still Get a Car Loan in Lakewood, OH with Low Credit?
Many car buyers have asked, “Can I get a car loan with a credit score of 600 or less?” The short answer? Yes. Still, it's going to be harder to finance a car with bad credit in Lakewood, OH. 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 who will help with your financing. Thankfully, myAutoloan partners with lenders that specialize in bad credit loans.
Once you find a lender in Ohio, you may discover your low credit score changes 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 total repayment. Use our Interest Rate Estimator and Payment Calculator to see an estimate for the monthly payment on your Lakewood loan before even applying.
Concerned about your possible interest rate and monthly payment? You should contemplate increasing your credit score before applying for auto loans in Lakewood, Ohio. 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 Lakewood, OH for Bad Credit Car Loans
A bad credit score can raise your car loan rate, so it's more critical than ever to compare costs and find the right loan in Lakewood, OH. At myAutoloan, we want to help you find the best loan — even without the best credit history. All you have to do is choose your offer type and complete our secure, confidential 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 head down to your go-to dealership in Lakewood with money in hand.
Ready to purchase a new ride? Bad credit doesn't have to get in the way. Apply with myAutoloan today and compare up to four bad credit auto loans in Lakewood, OH!