Do I Have Bad Credit in Salem, OR?
When you apply for a car loan, mortgage, or another type of loan, lenders in Oregon use your credit score to determine the chances of you repaying it. Many factors play into your credit score, including the age of your credit accounts, the number of open accounts you have, any remaining loan balances, and your repayment history. While each Salem, OR lender has its own criteria 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 worried if you’ve experienced bankruptcy, repossession, or foreclosure.
Is it Possible to Get a Car Loan in Salem, OR with Bad Credit?
You're not the first car buyer to wonder, “Can I get a car loan with a credit score of 600 or less?” Yes, you can. Still, you'll likely face some challenges financing a car with bad credit in Salem, OR. First off, not every lender feels comfortable giving loans to people with poor or no credit, so you may need to spend some extra time finding a lender who will work with you. Thankfully, myAutoloan partners with lenders that specialize in bad credit loans.
Once you find a lender in Oregon, you may discover your low credit score affects your loan. A poor credit score might limit your borrowing and lead to higher interest rates. This high interest rate will also mean higher monthly payments and overall loan costs. With our Interest Rate Estimator and Payment Calculator, you can see what the monthly payment on your Salem loan might be before filling out an application.
Concerned about your possible interest rate and monthly payment? You should think about boosting your credit score before applying for auto loans in Salem, Oregon. Check out our Guide to Better Credit for Auto Financing to learn about credit scores and how you can quickly raise yours.
Find the Best Deal on Poor Credit Car Loans in Salem, OR
A bad credit score can raise the rate on your car loan, making it more crucial than ever to compare costs and find the right loan in Salem, OR. myAutoloan wants to make sure you find the best loan — regardless of your credit history. All you have to do is select your offer type and complete our secure, confidential application. You'll see up to four loans at once so you can compare rates in minutes. After, you can choose the best loan for you and visit any dealership in Salem with a check in hand.
Ready to purchase a new ride? Poor credit shouldn't stop you. Apply through myAutoloan now and review up to four Salem, OR bad credit car loans!