What Is Considered Bad Credit in Springfield, OH?
When you borrow money — like a car loan — lenders in Ohio look at your credit score to determine the likelihood 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 each lender in Springfield, OH has its own benchmarks for what's considered a bad credit score, you could be seen as having bad credit if your score is lower than 600. Lenders will also be more cautious if you have a history of bankruptcy, foreclosure, or repossession.
Can I Still Get a Car Loan in Springfield, OH with Low Credit?
You're not the first car buyer to wonder, “Can I get a car loan with a credit score of 600 or less?” Yes, you can. Still, financing a car in Springfield, OH with bad credit won't necessarily be easy. First off, not all lenders are willing to give a loan to someone with no or poor credit, so you may need to put in extra effort to find a lender willing to work with you. Luckily, myAutoloan partners with lenders specializing in bad credit car loans.
Once you find a lender in Ohio, you may learn your low credit score changes your loan. You may have limited borrowing power and a higher interest rate due to your poor credit score. High interest rates also mean higher monthly payments and total repayment. Use our Interest Rate Estimator and Payment Calculator to see what the monthly payment on your Springfield loan could look like before filling out an application.
Do your potential interest rate and monthly payment have you worried? You should consider raising your credit score before you start applying for auto loans in Springfield, Ohio. Check out 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 Springfield, OH
A poor credit score can raise the rate on your car loan, making it more critical than ever to compare costs and find the right loan in Springfield, OH. myAutoloan wants to make sure you find the best loan — no matter your credit history. Simply choose your offer type and complete a confidential, secure application. We'll show you up to four loans in minutes so you can easily compare rates. To finish, you can select the loan that looks best to you and head to your local Springfield dealership with a loan in hand.
Ready to purchase your next ride? Your poor credit doesn’t have to stop you. Apply today through myAutoloan and compare up to four Springfield, OH bad credit auto loans!