What Is Considered Bad Credit in Lansdale, PA?
When you try to borrow money — like a car loan — Pennsylvania lenders use your credit score to figure out the chances of you repaying it. Many factors influence your credit score, including the number of open accounts you have, your repayment history, the age of your credit accounts, and any remaining loan balances. While each Lansdale, PA lender will have its own guidelines for what's considered a bad credit score, you may be seen as having bad credit if you have a score below 600. Lenders will also be wary if you’ve experienced bankruptcy, repossession, or foreclosure.
Is it Possible to Get a Car Loan in Lansdale, PA 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?” Yes, you can. Keep in mind, you'll likely face some challenges financing a car with bad credit in Lansdale, PA. For starters, not every lender is willing to give a loan to someone with poor or no credit, so it may take some extra time to find a lender who will work with you. Luckily, myAutoloan partners with lenders specializing in bad credit car loans.
Once you've chosen a lender in Pennsylvania, you may see that your low credit score impacts your loan. You may have limited borrowing power and a higher interest rate due to your poor credit score. This high interest rate will also mean larger monthly payments and more spent over the life of the loan. With our Interest Rate Estimator and Payment Calculator, you can see what the monthly payment on your Lansdale loan could look like before you apply.
Do your potential interest rate and monthly payment have you worried? You should look into increasing your credit score before you start applying for auto loans in Lansdale, Pennsylvania. View our Guide to Better Credit for Auto Financing to learn about credit scores and how you can quickly raise yours.
Find the Best Deal in Lansdale, PA for Bad Credit Car Loans
A poor credit score can raise your car loan rate, so it's more critical than ever to compare lending options and find the right deal in Lansdale, PA. myAutoloan wants to make sure you find the best loan — regardless of your 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 at once, allowing you to compare rates in minutes. After, you can select the loan that looks best to you and head to your local Lansdale dealership with cash in hand.
Ready to purchase a new ride? Bad credit doesn't have to stop you. Apply now and compare up to four bad credit auto loans in Lansdale, PA through myAutoloan!