What Is Considered Bad Credit in State College, PA?
When you apply for any type of loan, Pennsylvania lenders use your credit score to evaluate the chances of you repaying it. Many factors go into 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 every State College, PA lender has its own guidelines for what it considers a poor credit score, you could be seen as having bad credit if you have a score below 600. Lenders will also be more cautious if you have a history of bankruptcy, foreclosure, or repossession.
Can I Get a Car Loan in State College, PA If I Have Bad Credit?
Many car buyers have asked, “Can I get a car loan with a credit score of 600 or less?” The simple answer is yes. Still, it's going to be harder to finance a car with bad credit in State College, PA. Most notably, 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've chosen a lender in Pennsylvania, you may learn your low credit score impacts your loan. A poor credit score might limit your borrowing and lead to higher interest rates. This high interest rate will also mean higher monthly payments and total repayment. Use our Interest Rate Estimator and Payment Calculator to see what the monthly payment on your State College loan might 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 State College, Pennsylvania. Check out our Guide to Better Credit for Auto Financing for help understanding and quickly raising 7our credit.
Find the Best Deal on Poor Credit Car Loans in State College, PA
A poor credit score can increase the rate on your car loan, making it more crucial than ever to compare lenders in State College, PA and find the right deal. myAutoloan wants to help you find the best loan — even without the best credit history. All you have to do is choose your offer type and complete our secure, confidential application. We’ll show you up to four loans at a time so you can compare rates in minutes. To finish, you can choose the best loan for you and head to your local State College dealership with a check in hand.
Why wait to get a new ride? Bad credit doesn't have to stop you. Apply now and compare up to four bad credit auto loans in State College, PA through myAutoloan!