What Counts as Bad Credit in Coos Bay, OR?
When you apply for any type of loan, Oregon lenders use your credit score to figure out how likely you are to repay it. Your credit score is calculated using many factors, including the number of open accounts you have, your repayment history, the age of your credit accounts, and any remaining loan balances. While every lender in Coos Bay, OR will have its own guidelines for what's considered a bad credit score, you might be seen as having bad credit if your score falls below 600. Lenders will also be nervous if you’ve experienced bankruptcy, repossession, or foreclosure.
Is it Possible to Get a Car Loan in Coos Bay, OR with Bad Credit?
Many car buyers have asked, “Can I get a car loan with a credit score of 600 or less?” The short answer? Yes. However, financing a car with bad credit in Coos Bay, OR will come with some challenges. 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 extra effort to find a lender inclined to work with you. Thankfully, myAutoloan has lending partners that specialize in bad credit loans.
When you find a lender in Oregon, you may discover your low credit score affects your loan. A poor credit score can limit your borrowing and result in higher interest rates. Higher interest rates will mean higher monthly payments and overall loan costs. Tools like our Interest Rate Estimator and Payment Calculator can help you see an estimate for the monthly payment on your Coos Bay loan before even applying.
Concerned about your possible interest rate and monthly payment? You should look into improving your credit score before you apply for Coos Bay, Oregon car loans. Check out our Guide to Better Credit for Auto Financing for information about credit scores and tips for quickly raising yours.
Find the Best Deal on Coos Bay, OR Poor Credit Car Loans
A low credit score can raise the rate on your car loan, making it more important than ever to compare costs to find the right deal in Coos Bay, OR. myAutoloan wants to help you find the best loan — regardless of your credit history. Simply choose your offer type and complete a confidential, secure application. You'll see up to four loans at once so you can compare rates in minutes. Finally, you can choose the best loan for you and head to your favorite Coos Bay dealership with cash in hand.
Need a new ride? Bad credit doesn't have to get in the way. Apply now and compare up to four bad credit auto loans in Coos Bay, OR through myAutoloan!