What Counts as Bad Credit in Memphis, TN?
When you apply for any type of loan, lenders in Tennessee use your credit score to figure out how likely you are to repay it. Your credit score is calculated using many factors, including your repayment history, the number of accounts you have open, the age of your credit accounts, and any remaining loan balances. While every Memphis, TN lender has its own guidelines for what it deems a poor credit score, you could be seen as having bad credit if you have a score below 600. Lenders will also be more cautious if you’ve experienced bankruptcy, repossession, or foreclosure.
Can I Get a Car Loan in Memphis, TN If I Have Bad Credit?
Many borrowers have asked, “Can I get a car loan with a credit score of 600 or less?” The simple answer is yes. Still, financing a car with bad credit in Memphis, 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 you may need to spend some extra time finding a lender who will 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 learn your low credit score changes your loan. A poor credit score can limit your borrowing and result in higher interest rates. High interest rates also mean higher monthly payments and more spent over the life of the loan. Use our Interest Rate Estimator and Payment Calculator to see an estimate for the monthly payment on your Memphis loan before you apply.
Do your potential interest rate and monthly payment have you sweating? You may want to contemplate raising your credit score before you apply for Memphis, Tennessee car loans. Check out our Guide to Better Credit for Auto Financing for help understanding and quickly raising 7our credit.
Find the Best Deal on Memphis, TN Poor Credit Car Loans
A low credit score can increase your car loan rate, making it more important than ever to compare costs to find the right deal in Memphis, TN. myAutoloan wants to help you find the best loan — regardless of your credit history. All you need to do is select your offer type and fill out our secure, confidential application. You'll see up to four loans at once so you can compare rates in minutes. To finish, you can select the best loan for you and head to your favorite Memphis dealership with cash in hand.
Why wait to get a new ride? Your poor credit doesn’t have to stop you. Apply with myAutoloan today and compare up to four bad credit auto loans in Memphis, TN!