What Is Considered Bad Credit in Lexington, SC?
When you borrow money — like a car loan — lenders in South Carolina look at your credit score to evaluate the likelihood 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 Lexington, SC lender has its own criteria for what’s considered a poor credit score, you are often seen as having bad credit if your score falls below 600. Lenders will also be worried if you've gone through bankruptcy, repossession, or foreclosure.
Can I Still Get a Car Loan in Lexington, SC with Bad Credit?
You're not the first car buyer to wonder, “Can I get a car loan with a credit score of 600 or less?” The short answer? Yes. Keep in mind, financing a car in Lexington, SC with bad credit won't necessarily be easy. 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. The good news is that myAutoloan partners with lenders specializing in bad credit loans.
Once you've found a lender in South Carolina, you may learn your low credit score affects your loan. 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 total repayment. Tools like our Interest Rate Estimator and Payment Calculator can help you see what the monthly payment on your Lexington loan could look like before filling out an application.
Concerned about your possible interest rate and monthly payment? You may want to contemplate improving your credit score before you start applying for auto loans in Lexington, South Carolina. View our Guide to Better Credit for Auto Financing for information about credit scores and tips for quickly raising yours.
Find the Best Deal on Lexington, SC Poor Credit Car Loans
A poor credit score can raise the rate on your car loan, so it's more critical than ever to compare lending options and find the right deal in Lexington, SC. At myAutoloan, we want to help you find the best loan — regardless of your 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 select the loan that looks best to you and head to your local Lexington dealership with cash in hand.
Why wait to get a new ride? Poor credit shouldn't stop you. Apply with myAutoloan today and compare up to four bad credit auto loans in Lexington, SC!