How Do I Know If I Have Bad Credit in Aberdeen, SD?
When you borrow money — like a car loan — lenders in South Dakota look at your credit score to decide 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 lender in Aberdeen, SD has its own criteria for what it deems a poor credit score, you could be seen as having bad credit if your score is less than 600. Lenders will also be worried if you've experienced repossession, bankruptcy, or foreclosure.
Can I Still Get a Car Loan in Aberdeen, SD with Bad Credit?
Many car buyers have asked, “Can I get a car loan with a credit score of 600 or less?” The short answer? Yes. Keep in mind, you'll likely face some challenges financing a car with bad credit in Aberdeen, SD. To begin with, 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. Thankfully, myAutoloan partners with lenders that specialize in bad credit loans.
Once you find a lender in South Dakota, you may discover your low credit score impacts your loan. A poor credit score can result in limited borrowing and higher interest rates. High interest rates also mean larger monthly payments and overall loan costs. Our Interest Rate Estimator and Payment Calculator can help you see what the monthly payment on your Aberdeen loan could look like before filling out an application.
Do your potential interest rate and monthly payment have you worried? You might want to look into increasing your credit score before applying for Aberdeen, South Dakota auto loans. Study 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 Aberdeen, SD
A low credit score can increase the rate on your car loan, so it's more critical than ever to compare costs and find the right loan in Aberdeen, SD. myAutoloan wants to make sure you find the best loan — despite your credit history. Simply choose your offer type and complete our secure, confidential application. You'll see up to four loans at once so you can compare rates in minutes. Then, you can select the right loan for you and head down to your go-to dealership in Aberdeen with money in hand.
Why wait to get a new ride? Your poor credit doesn’t have to stop you. Apply today through myAutoloan and compare up to four Aberdeen, SD bad credit auto loans!