How Do I Know If I Have Bad Credit in Wilmington, OH?
When you apply for any type of loan, Ohio lenders use your credit score to evaluate 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 every Wilmington, OH lender has its own criteria 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 nervous if you’ve experienced bankruptcy, repossession, or foreclosure.
Can I Still Get a Car Loan in Wilmington, OH with Bad Credit?
Many borrowers have asked, “Can I get a car loan with a credit score of 600 or less?” Yes, you can. Keep in mind, it's going to be harder to finance a car with bad credit in Wilmington, OH. For starters, not every lender feels comfortable giving loans to people with poor or no credit, so you may need to put in extra effort to find a lender willing to work with you. The good news is that myAutoloan partners with lenders specializing in bad credit loans.
Once you've found a lender in Ohio, you may notice your loan is impacted by your low credit score. A poor credit score can result in limited borrowing and higher interest rates. Higher interest rates will mean higher monthly payments and total repayment. With our Interest Rate Estimator and Payment Calculator, you can see what the monthly payment on your Wilmington loan might look like before completing an application.
Concerned about your possible interest rate and monthly payment? You may want to contemplate increasing your credit score before applying for auto loans in Wilmington, Ohio. View our Guide to Better Credit for Auto Financing to better understand your credit score and how you can raise it.
Find the Best Deal on Bad Credit Car Loans in Wilmington, OH
A poor credit score can raise your car loan rate, so it's more critical than ever to compare costs and find the right loan in Wilmington, OH. myAutoloan wants to make sure you find the best loan — despite your credit history. All you have to do is choose your offer type and complete our secure, confidential application. We'll show you up to four loans at once, allowing you to compare rates in minutes. To finish, you can select the best loan for you and head to your local Wilmington dealership with cash in hand.
Ready to purchase a new ride? Bad credit doesn't have to stop you. Apply through myAutoloan now and review up to four Wilmington, OH bad credit car loans!