What Counts as Bad Credit in Franklin, TN?
When you borrow money — like a car loan — lenders in Tennessee look at your credit score to decide how likely you are to repay it. Many factors play into your credit score, including the number of open accounts you have, your repayment history, the age of your credit accounts, and any remaining loan balances. While every Franklin, TN lender has its own criteria for what's considered a bad credit score, you could be seen as having bad credit if your score is lower than 600. Lenders will also be more cautious if you’ve experienced bankruptcy, repossession, or foreclosure.
Can I Get a Car Loan in Franklin, TN If I Have 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. Still, financing a car in Franklin, TN with bad credit won't necessarily be easy. To begin with, 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 chosen 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. Higher interest rates will mean larger monthly payments and more spent over the life of the loan. With our Interest Rate Estimator and Payment Calculator, you can see what the monthly payment on your Franklin loan might look like before filling out an application.
Do your potential interest rate and monthly payment have you worried? You may want to contemplate increasing your credit score before applying for auto loans in Franklin, Tennessee. Take a look at our Guide to Better Credit for Auto Financing for help understanding and quickly raising 7our credit.
Find the Best Deal on Poor Credit Car Loans in Franklin, TN
A poor credit score can increase the rate on your car loan, making it more important than ever to compare lending options and find the right deal in Franklin, TN. myAutoloan wants to make sure you find the best loan — even without the best credit history. All you have to do is select 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 Franklin with cash in hand.
Need a new ride? Bad credit doesn't have to stop you. Apply today through myAutoloan and compare up to four Franklin, TN bad credit auto loans!