What Is Considered Bad Credit in Union City, TN?
When you try to borrow money — like a car loan — Tennessee lenders look at your credit score to decide the chances of you repaying it. Many factors play into your credit score, including the age of your credit accounts, the number of open accounts you have, any remaining loan balances, and your repayment history. While every lender in Union City, TN has its own benchmarks for what's considered a low credit score, you might be seen as having bad credit if your score falls below 600. Lenders will also be wary if you’ve experienced bankruptcy, repossession, or foreclosure.
Is it Possible to Get a Car Loan in Union City, TN with Bad Credit?
You’re not the first car buyer asking, “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 Union City, 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 willing to work with you. Luckily, myAutoloan partners with lenders specializing in bad credit car loans.
When you find a lender in Tennessee, you may notice 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 higher monthly payments and more spent over the life of the loan. Our Interest Rate Estimator and Payment Calculator can help you see what the monthly payment on your Union City loan could look like before filling out an application.
Do your potential interest rate and monthly payment have you worried? You may want to consider raising your credit score before you apply for Union City, Tennessee car loans. View our Guide to Better Credit for Auto Financing for information about credit scores and tips for quickly raising yours.
Find the Best Deal on Union City, TN Poor Credit Car Loans
A bad credit score can raise your car loan rate, so it's more critical than ever to compare lending options and find the right deal in Union City, 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 complete or confidential and secure application. We'll show you up to four loans at once, allowing you to compare rates in minutes. To finish, you can select the right loan for you and visit any dealership in Union City with a check in hand.
Need a new ride? Bad credit doesn't have to stop you. Apply today through myAutoloan and compare up to four Union City, TN bad credit auto loans!