Do I Have Bad Credit in Springfield, OR?
When you apply for any type of loan, lenders in Oregon use your credit score to figure out the probability that you'll 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 Springfield, OR lender has its own criteria for what's considered a low credit score, you might be seen as having bad credit if your score is lower than 600. Lenders will also be wary if you’ve experienced bankruptcy, repossession, or foreclosure.
Can I Still Get a Car Loan in Springfield, OR with Bad Credit?
You’re not the first car buyer asking, “Can I get a car loan with a credit score of 600 or less?” The short answer? Yes. Still, you'll likely face some challenges financing a car with bad credit in Springfield, OR. First off, not every lender offers poor or no credit loans, so it may take some extra time to find a lender inclined to work with you. Luckily, myAutoloan partners with lenders specializing in bad credit car loans.
Once you find a lender in Oregon, you may see that your low credit score affects your loan. A poor credit score can result in limited borrowing and higher interest rates. Higher interest rates will mean 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 Springfield loan might look like before filling out an application.
Do your potential interest rate and monthly payment have you worried? You should think about raising your credit score before applying for Springfield, Oregon auto loans. 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 Bad Credit Car Loans in Springfield, OR
A bad credit score can increase the rate on your car loan, making it more critical than ever to compare costs and find the right loan in Springfield, OR. At myAutoloan, we want to help you find the best loan — even without the best credit history. Simply choose your offer type and complete our secure, confidential application. We'll show you up to four loans in minutes so you can easily compare rates. After, you can select the best loan for you and head to your favorite Springfield dealership with cash in hand.
Why wait to get a new ride? Poor credit shouldn't stop you. Apply today through myAutoloan and compare up to four Springfield, OR bad credit auto loans!