What Counts as Bad Credit in Guthrie, OK?
When you apply for a car loan, mortgage, or another type of loan, Oklahoma lenders look at your credit score to figure out the chances of you repaying it. Many factors play 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 lender in Guthrie, OK has its own guidelines for what's considered a bad credit score, you could be seen as having bad credit if you have a score below 600. Lenders will also be worried if you've gone through bankruptcy, repossession, or foreclosure.
Can I Get a Car Loan in Guthrie, OK If I Have Bad Credit?
Many borrowers have asked, “Can I get a car loan with a credit score of 600 or less?” Yes, you can. However, it's going to be harder to finance a car with bad credit in Guthrie, OK. For starters, not every lender offers poor or no credit loans, so it may take some extra time to find a lender who will work with you. Thankfully, myAutoloan partners with lenders that specialize in bad credit loans.
Once you've found a lender in Oklahoma, you may learn your low credit score impacts your loan. A poor credit score can limit your borrowing and result in higher interest rates. This high interest rate will lead to 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 Guthrie loan could look like before even applying.
Worried about your potential interest rate and monthly payment? You might want to think about increasing your credit score before you start applying for auto loans in Guthrie, Oklahoma. Check out 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 Poor Credit Car Loans in Guthrie, OK
A low credit score can increase the rate on your car loan, so it's more critical than ever to compare costs and find the right loan in Guthrie, OK. myAutoloan is here to help you find the best loan — despite your credit history. Simply choose your offer type and complete or confidential and secure application. We'll show you up to four loans at once, allowing you to compare rates in minutes. To finish, you can select the loan that looks best to you and head to your favorite Guthrie dealership with cash in hand.
Ready to purchase your next ride? Bad credit doesn't have to get in the way. Apply today through myAutoloan and compare up to four Guthrie, OK bad credit auto loans!