What Is Considered Bad Credit in Franklin, PA?
When you apply for a car loan, mortgage, or another type of loan, lenders in Pennsylvania look at your credit score to decide the probability that you'll repay it. Many factors influence your credit score, including any remaining loan balances, your repayment history, the number of open accounts you have, and the age of your credit accounts. While each Franklin, PA lender will have its own guidelines for what's considered a low credit score, you might be seen as having bad credit if you have a score below 600. Lenders will also be wary if you have a history of bankruptcy, foreclosure, or repossession.
Can I Still Get a Car Loan in Franklin, PA with Low Credit?
Many borrowers have asked, “Can I get a car loan with a credit score of 600 or less?” The short answer is yes. But, financing a car with bad credit in Franklin, PA will come with some challenges. Most notably, not all lenders are willing to give a loan to someone with no or poor credit, so it may take some extra time to find a lender inclined 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 Pennsylvania, you may see that your loan is impacted by your low credit score. A poor credit score can limit your borrowing and result in higher interest rates. This high interest rate will also mean higher monthly payments and overall loan costs. Our Interest Rate Estimator and Payment Calculator can help you see what the monthly payment on your Franklin loan might look like before completing an application.
Worried about your potential interest rate and monthly payment? You may want to look into increasing your credit score before you apply for Franklin, Pennsylvania car loans. Study our Guide to Better Credit for Auto Financing for information about credit scores and tips for quickly raising yours.
Find the Best Deal on Bad Credit Car Loans in Franklin, PA
A bad credit score can raise the rate on your car loan, making it more critical than ever to compare costs to find the right deal in Franklin, PA. myAutoloan is here to help you find the best loan — despite your 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. To finish, you can select the loan that looks best to you and head to your local Franklin dealership with cash in hand.
Need a new ride? Your poor credit doesn’t have to stop you. Apply through myAutoloan now and review up to four Franklin, PA bad credit car loans!