What Is Considered Bad Credit in Lima, OH?
When you borrow money — like a car loan — Ohio lenders use your credit score to determine the likelihood of you repaying it. Many factors influence 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 lender in Lima, OH will have its own guidelines for what's considered a low credit score, you are often seen as having bad credit if your score is less than 600. Lenders will also be nervous if you’ve experienced bankruptcy, repossession, or foreclosure.
Can I Get a Car Loan in Lima, OH If I Have 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 short answer is yes. Keep in mind, financing a car with bad credit in Lima, OH will come with some challenges. First off, not every lender offers poor or no credit loans, so you may need to spend some extra time finding a lender inclined to work with you. The good news is that myAutoloan partners with lenders specializing in bad credit loans.
Once you've chosen a lender in Ohio, you may see that your low credit score impacts your loan. A poor credit score might limit your borrowing and lead to higher interest rates. High interest rates also mean higher monthly payments and overall repayment. Use our Interest Rate Estimator and Payment Calculator to see an estimate for the monthly payment on your Lima loan before you apply.
Do your potential interest rate and monthly payment have you worried? You may want to contemplate raising your credit score before you start applying for auto loans in Lima, 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 Lima, OH for Bad Credit Car Loans
A bad credit score can increase your car loan rate, making it more important than ever to compare costs and find the right loan in Lima, OH. At myAutoloan, we want to help you find the best loan — no matter your credit history. All you have to do is select your offer type and complete 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 local Lima dealership with cash in hand.
Why wait to get a new ride? Poor credit shouldn't stop you. Apply today through myAutoloan and compare up to four Lima, OH bad credit auto loans!