How Do I Know If I Have Bad Credit in Albany, OR?
When you borrow money — like a car loan — Oregon lenders use your credit score to determine the likelihood of you repaying it. Many factors influence your credit score, including your repayment history, the number of accounts you have open, the age of your credit accounts, and any remaining loan balances. While each Albany, OR lender has its own benchmarks for what's considered a low credit score, you are often seen as having bad credit if your score is less than 600. Lenders will also be more cautious if you've gone through bankruptcy, repossession, or foreclosure.
Is it Possible to Get a Car Loan in Albany, OR with Bad Credit?
Many borrowers have asked, “Can I get a car loan with a credit score of 600 or less?” Yes, you can. But, financing a car in Albany, OR with bad credit won't necessarily be easy. Most notably, not all lenders are willing to give a loan to someone with no or poor credit, so you may need to put in some extra hours to find a lender inclined to work with you. Thankfully, myAutoloan partners with lenders that specialize in bad credit loans.
Once you've chosen a lender in Oregon, you may learn your loan is impacted by your low credit score. A poor credit score might limit your borrowing and lead to higher interest rates. This high interest rate will lead to higher monthly payments and overall repayment. Tools like our Interest Rate Estimator and Payment Calculator can help you see what the monthly payment on your Albany loan could look like before even applying.
Do your potential interest rate and monthly payment have you sweating? You should contemplate increasing your credit score before you apply for Albany, Oregon 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 in Albany, OR for Bad Credit Car Loans
A bad credit score can raise your car loan rate, so it's more critical than ever to compare costs and find the right loan in Albany, OR. At myAutoloan, we want to help you find the best loan — even without the best credit history. All you have to do is select your offer type and fill out our secure, confidential application. We'll show you up to four loans at once, allowing you to compare rates in minutes. Finally, you can choose the best loan for you and head down to your go-to dealership in Albany with a check in hand.
Need a new ride? Bad credit doesn't have to get in the way. Apply through myAutoloan now and review up to four Albany, OR bad credit car loans!