Do I Have Bad Credit in Horsham, PA?
When you borrow money — like a car loan — lenders in Pennsylvania use your credit score to figure out the chances of you repaying it. Your credit score is calculated using many factors, including any remaining loan balances, your repayment history, the number of open accounts you have, and the age of your credit accounts. While each Horsham, PA lender has its own guidelines for what’s considered a poor credit score, you could be seen as having bad credit if you have a score below 600. Lenders will also be nervous if you've experienced repossession, bankruptcy, or foreclosure.
Can I Still Get a Car Loan in Horsham, PA with Low Credit?
You’re not the first car buyer asking, “Can I get a car loan with a credit score of 600 or less?” Yes, you can. However, you'll likely face some challenges financing a car with bad credit in Horsham, PA. Most notably, not all lenders are willing to give a loan to someone with no or poor credit, so you may need to spend some extra time finding a lender willing to work with you. Luckily, myAutoloan partners with lenders specializing in bad credit car loans.
Once you find a lender in Pennsylvania, you may discover your loan is impacted by your low credit score. A poor credit score can result in limited borrowing and higher interest rates. This high interest rate will lead to larger monthly payments and overall loan costs. Tools like our Interest Rate Estimator and Payment Calculator can help you see what the monthly payment on your Horsham loan might look like before filling out an application.
Do your potential interest rate and monthly payment have you sweating? You may want to look into boosting your credit score before applying for auto loans in Horsham, Pennsylvania. Take a look at our Guide to Better Credit for Auto Financing for help understanding and quickly raising 7our credit.
Find the Best Deal on Bad Credit Car Loans in Horsham, PA
A low credit score can raise your car loan rate, making it more critical than ever to compare lenders in Horsham, PA and find the right deal. At myAutoloan, we want to help you find the best loan — no matter your credit history. All you have to do is choose your offer type and fill out our secure, confidential application. You'll see up to four loans at once so you can compare rates in minutes. Then, you can choose the best loan for you and head to your favorite Horsham dealership with a loan in hand.
Ready to purchase your next ride? Bad credit doesn't have to stop you. Apply today through myAutoloan and compare up to four Horsham, PA bad credit auto loans!