What Counts as Bad Credit in Covington, TN?
When you borrow money — like a car loan — lenders in Tennessee use your credit score to figure out 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 each lender in Covington, TN has its own guidelines for what's considered a bad credit score, you may be seen as having bad credit if your score is less than 600. Lenders will also be worried if you've gone through bankruptcy, repossession, or foreclosure.
Is it Possible to Get a Car Loan in Covington, TN 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 is yes. But, financing a car with bad credit in Covington, TN will come with some challenges. Most notably, not all lenders are willing to give a loan to someone with no or poor credit, so it may take some extra time to find a lender who will help with your financing. The good news is that myAutoloan partners with lenders specializing in bad credit loans.
Once you've found a lender in Tennessee, you may learn your loan is impacted by your low credit score. 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 overall loan costs. Tools like our Interest Rate Estimator and Payment Calculator can help you see what the monthly payment on your Covington loan could look like before you apply.
Worried about your potential interest rate and monthly payment? You might want to consider improving your credit score before you start applying for auto loans in Covington, Tennessee. Take a look at our Guide to Better Credit for Auto Financing to better understand your credit score and how you can raise it.
Find the Best Deal in Covington, TN for Bad Credit Car Loans
A bad credit score can raise your car loan rate, so it's more critical than ever to compare lenders in Covington, TN and find the right deal. myAutoloan wants to help you find the best loan — despite your credit history. All you have to do is choose your offer type and complete a confidential, secure application. We'll show you up to four loans in minutes so you can easily compare rates. Then, you can choose the best loan for you and visit any dealership in Covington with money 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 Covington, TN through myAutoloan!