What Counts as Bad Credit in Mentor, OH?
When you borrow money — like a car loan — Ohio lenders use your credit score to decide the likelihood of you repaying 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 each lender in Mentor, OH will have its own guidelines for what’s considered a poor credit score, you are often seen as having bad credit if you have a score below 600. Lenders will also be more cautious if you’ve experienced bankruptcy, repossession, or foreclosure.
Is it Possible to Get a Car Loan in Mentor, OH with Bad Credit?
Many car buyers have asked, “Can I get a car loan with a credit score of 600 or less?” Yes, you can. Still, it's going to be harder to finance a car with bad credit in Mentor, OH. Most notably, not all lenders are willing to give a loan to someone with no or poor credit, so you may need to spend some extra time finding a lender who will work with you. The good news is that myAutoloan partners with lenders specializing in bad credit loans.
Once you find a lender in Ohio, you may discover your low credit score impacts your loan. A poor credit score might limit your borrowing and lead to higher interest rates. Higher interest rates will mean higher monthly payments and overall loan costs. Use our Interest Rate Estimator and Payment Calculator to see what the monthly payment on your Mentor loan could look like before filling out an application.
Do your potential interest rate and monthly payment have you sweating? You might want to consider boosting your credit score before you start applying for auto loans in Mentor, Ohio. Take a look at our Guide to Better Credit for Auto Financing for help understanding and quickly raising 7our credit.
Find the Best Deal on Poor Credit Car Loans in Mentor, OH
A bad credit score can increase the rate on your car loan, making it more important than ever to compare lending options and find the right deal in Mentor, OH. myAutoloan wants to make sure you find the best loan — despite your credit history. Simply choose your offer type and complete or confidential and secure application. We'll show you up to four loans at once, allowing you to compare rates in minutes. Then, you can select the loan that looks best to you and head to your favorite Mentor dealership with a check in hand.
Ready to purchase a new ride? Bad credit doesn't have to get in the way. Apply today through myAutoloan and compare up to four Mentor, OH bad credit auto loans!