What Is Considered Bad Credit in Elizabethton, TN?
When you borrow money — like a car loan — Tennessee lenders use your credit score to figure out how likely you are to repay 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 Elizabethton, TN lender has its own criteria for what's considered a bad credit score, you are often 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 Elizabethton, TN with Bad Credit?
Many borrowers have asked, “Can I get a car loan with a credit score of 600 or less?” Yes, you can. Still, you'll likely face some challenges financing a car with bad credit in Elizabethton, TN. First off, not every lender feels comfortable giving loans to people with poor or no credit, so it may take some extra time to find a lender willing to work with you. The good news is that myAutoloan partners with lenders specializing in bad credit loans.
Once you've found a lender in Tennessee, you may see that your low credit score impacts 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. With our Interest Rate Estimator and Payment Calculator, you can see an estimate for the monthly payment on your Elizabethton loan before filling out an application.
Concerned about your possible interest rate and monthly payment? You should consider improving your credit score before applying for auto loans in Elizabethton, Tennessee. Check out our Guide to Better Credit for Auto Financing to learn about credit scores and how you can quickly raise yours.
Find the Best Deal on Poor Credit Car Loans in Elizabethton, TN
A low credit score can increase your car loan rate, so it's more critical than ever to compare costs and find the right loan in Elizabethton, TN. myAutoloan wants to help you find the best loan — regardless of your credit history. All you have to do is select your offer type and fill out our secure, confidential application. We’ll show you up to four loans at a time so you can compare rates in minutes. Finally, you can select the right loan for you and head to your local Elizabethton dealership with a loan in hand.
Ready to purchase your next ride? Bad credit doesn't have to stop you. Apply with myAutoloan today and compare up to four bad credit auto loans in Elizabethton, TN!