What Counts as Bad Credit in Rapid City, SD?
When you try to borrow money — like a car loan — lenders in South Dakota look at your credit score to figure out the probability that you'll repay it. Many factors play into your credit score, including the age of your credit accounts, the number of open accounts you have, any remaining loan balances, and your repayment history. While each Rapid City, SD lender has its own benchmarks for what's considered a low credit score, you could be seen as having bad credit if you have a score below 600. Lenders will also be wary if you've gone through bankruptcy, repossession, or foreclosure.
Is it Possible to Get a Car Loan in Rapid City, SD with Bad Credit?
Many car buyers have asked, “Can I get a car loan with a credit score of 600 or less?” Yes, you can. However, financing a car with bad credit in Rapid City, SD will come with some challenges. 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 found a lender in South Dakota, you may learn your low credit score impacts your loan. You may have limited borrowing power and a higher interest rate due to your poor credit score. High interest rates also mean higher monthly payments and overall loan costs. Our Interest Rate Estimator and Payment Calculator can help you see what the monthly payment on your Rapid City loan could look like before completing an application.
Concerned about your possible interest rate and monthly payment? You might want to think about raising your credit score before you start applying for auto loans in Rapid City, South Dakota. 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 Poor Credit Car Loans in Rapid City, SD
A low credit score can raise your car loan rate, making it more important than ever to compare costs to find the right deal in Rapid City, SD. myAutoloan wants to make sure you find the best loan — even without the best credit history. Simply choose your offer type and complete a confidential, secure application. You'll see up to four loans at once so you can compare rates in minutes. Then, you can select the loan that looks best to you and visit any dealership in Rapid City with a loan in hand.
Need a new ride? Poor credit shouldn't stop you. Apply with myAutoloan today and compare up to four bad credit auto loans in Rapid City, SD!