What Is Considered Bad Credit in Shelby, OH?
When you try to borrow money — like a car loan — lenders in Ohio look at your credit score to decide the chances of you repaying it. Many factors go into your credit score, including the number of open accounts you have, your repayment history, the age of your credit accounts, and any remaining loan balances. While each lender in Shelby, OH has its own criteria for what's considered a low credit score, you are often seen as having bad credit if your score falls below 600. Lenders will also be wary if you've gone through bankruptcy, repossession, or foreclosure.
Can I Get a Car Loan in Shelby, OH If I Have Bad Credit?
You’re not the first car buyer asking, “Can I get a car loan with a credit score of 600 or less?” Yes, you can. Keep in mind, you'll likely face some challenges financing a car with bad credit in Shelby, OH. Most notably, not all lenders are willing to give a loan to someone with no or poor credit, so it may take some extra time to find a lender who will work with you. Luckily, myAutoloan partners with lenders specializing in bad credit car loans.
When you find a lender in Ohio, you may learn your low credit score impacts your loan. You may have limited borrowing power and a higher interest rate due to your poor credit score. This high interest rate will lead to higher monthly payments and overall repayment. Our Interest Rate Estimator and Payment Calculator can help you see what the monthly payment on your Shelby loan might look like before completing an application.
Do your potential interest rate and monthly payment have you sweating? You may want to think about increasing your credit score before applying for auto loans in Shelby, Ohio. Take a look at our Guide to Better Credit for Auto Financing for information about credit scores and tips for quickly raising yours.
Find the Best Deal on Shelby, OH Poor Credit Car Loans
A bad credit score can raise your car loan rate, making it more critical than ever to compare costs to find the right deal in Shelby, OH. myAutoloan wants to help you find the best loan — despite your credit history. Simply 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. Then, you can select the best loan for you and head to your local Shelby dealership with a check in hand.
Why wait to get a new ride? Bad credit doesn't have to get in the way. Apply now and compare up to four bad credit auto loans in Shelby, OH through myAutoloan!