What Counts as Bad Credit in Murfreesboro, TN?
When you borrow money — like a car loan — lenders in Tennessee use your credit score to evaluate the chances of you repaying it. Your credit score is calculated using many factors, including the number of open accounts you have, your repayment history, the age of your credit accounts, and any remaining loan balances. While every lender in Murfreesboro, TN has its own guidelines for what's considered a bad 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 gone through bankruptcy, repossession, or foreclosure.
Can I Get a Car Loan in Murfreesboro, 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 is yes. However, it's going to be harder to finance a car with bad credit in Murfreesboro, TN. To begin with, not every lender feels comfortable giving loans to people with poor or no credit, so you may need to put in some extra hours 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 low credit score affects your loan. A poor credit score can result in limited borrowing and higher interest rates. High interest rates also mean higher monthly payments and overall repayment. With our Interest Rate Estimator and Payment Calculator, you can see what the monthly payment on your Murfreesboro loan could look like before you apply.
Do your potential interest rate and monthly payment have you sweating? You might want to think about increasing your credit score before you apply for Murfreesboro, Tennessee car loans. Study 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 Murfreesboro, TN for Bad Credit Car Loans
A low credit score can raise your car loan rate, making it more crucial than ever to compare lenders in Murfreesboro, TN and find the right deal. At myAutoloan, we want to help you find the best loan — regardless of your credit history. Simply choose your offer type and complete or confidential and secure application. You'll see up to four loans at once so you can compare rates in minutes. To finish, you can select the loan that looks best to you and head to your favorite Murfreesboro dealership with a loan in hand.
Need a new ride? Bad credit doesn't have to get in the way. Apply through myAutoloan now and review up to four Murfreesboro, TN bad credit car loans!