What Counts as Bad Credit in Woodburn, OR?
When you borrow money — like a car loan — Oregon lenders look at your credit score to figure out the probability that you'll repay it. Many factors go into 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 lender in Woodburn, OR has its own benchmarks for what's considered a low credit score, you could be seen as having bad credit if your score sits under the 600 benchmark. Lenders will also be wary if you've experienced repossession, bankruptcy, or foreclosure.
Is it Possible to Get a Car Loan in Woodburn, 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. However, financing a car in Woodburn, OR with bad credit won't necessarily be easy. First off, not every lender is willing to give a loan to someone with poor or no credit, so you may need to spend some extra time finding a lender willing to work with you. The good news is that myAutoloan partners with lenders specializing in bad credit loans.
Once you've chosen a lender in Oregon, you may notice your low credit score affects your loan. You may have limited borrowing power and a higher interest rate due to your poor credit score. High interest rates also mean higher monthly payments and more spent over the life of the loan. Use our Interest Rate Estimator and Payment Calculator to see what the monthly payment on your Woodburn loan could look like before even applying.
Do your potential interest rate and monthly payment have you sweating? You might want to think about increasing your credit score before you start applying for auto loans in Woodburn, Oregon. View 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 Woodburn, OR Poor Credit Car Loans
A low credit score can increase your car loan rate, making it more critical than ever to compare lending options and find the right deal in Woodburn, OR. myAutoloan is here to help you find the best loan — even without the best credit history. All you have to do is choose your offer type and fill out our secure, confidential application. We'll show you up to four loans in minutes so you can easily compare rates. Finally, you can select the loan that looks best to you and head down to your go-to dealership in Woodburn with a loan in hand.
Why wait to get 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 Woodburn, OR through myAutoloan!