What Is Considered Bad Credit in Troy, OH?
When you try to borrow money — like a car loan — Ohio lenders use your credit score to evaluate the likelihood of you repaying it. Your credit score is calculated using many factors, including any remaining loan balances, your repayment history, the number of open accounts you have, and the age of your credit accounts. While every Troy, OH lender has its own guidelines for what's considered a low credit score, you could be seen as having bad credit if you have a score below 600. Lenders will also be nervous if you’ve experienced bankruptcy, repossession, or foreclosure.
Can I Still Get a Car Loan in Troy, OH with Bad Credit?
You’re not the first car buyer asking, “Can I get a car loan with a credit score of 600 or less?” The short answer is yes. But, financing a car in Troy, OH with bad credit won't necessarily be easy. For starters, not every lender is willing to give a loan to someone with poor or no credit, so you may need to put in some extra hours to find a lender who will help with your financing. Thankfully, myAutoloan has lending partners that specialize 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 limit your borrowing and result in higher interest rates. Higher interest rates will mean larger monthly payments and total repayment. Tools like our Interest Rate Estimator and Payment Calculator can help you see what the monthly payment on your Troy loan might look like before filling out an application.
Do your potential interest rate and monthly payment have you worried? You may want to consider raising your credit score before you start applying for auto loans in Troy, 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 in Troy, OH for Bad Credit Car Loans
A bad credit score can increase your car loan rate, so it's more critical than ever to compare costs and find the right loan in Troy, OH. myAutoloan is here to help you find the best loan — no matter your credit history. Simply choose your offer type and fill out our secure, confidential application. You'll see up to four loans at once so you can compare rates in minutes. To finish, you can choose the best loan for you and visit any dealership in Troy with cash in hand.
Ready to purchase your next ride? Your poor credit doesn’t have to stop you. Apply now and compare up to four bad credit auto loans in Troy, OH through myAutoloan!