How Do I Know If I Have Bad Credit in Toledo, OH?
When you borrow money — like a car loan — lenders in Ohio look at your credit score to determine the chances of you repaying it. Many factors go into 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 Toledo, OH lender has its own benchmarks for what's considered a bad credit score, you are often seen as having bad credit if your score is lower than 600. Lenders will also be wary if you’ve experienced bankruptcy, repossession, or foreclosure.
Can I Still Get a Car Loan in Toledo, OH with Low Credit?
Many car buyers have asked, “Can I get a car loan with a credit score of 600 or less?” The simple answer is yes. But, you'll likely face some challenges financing a car with bad credit in Toledo, OH. To begin with, not every lender is willing to give a loan to someone with poor or no credit, so it may take some extra time to find 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 learn your low credit score changes your loan. A poor credit score can result in limited borrowing and 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 Toledo loan might be before even applying.
Concerned about your possible interest rate and monthly payment? You might want to contemplate raising your credit score before you apply for Toledo, Ohio car loans. 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 Bad Credit Car Loans in Toledo, OH
A bad credit score can raise the rate on your car loan, so it's more critical than ever to compare lenders in Toledo, OH and find the right deal. myAutoloan wants to help you find the best loan — regardless of your credit history. All you need 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. To finish, you can select the loan that looks best to you and head to your local Toledo dealership with a loan in hand.
Need a new ride? Your poor credit doesn’t have to stop you. Apply with myAutoloan today and compare up to four bad credit auto loans in Toledo, OH!