What Is Considered Bad Credit in Arlington, TX?
When you apply for any type of loan, Texas lenders look at your credit score to decide the likelihood of you repaying it. Many factors go 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 each Arlington, TX lender has its own benchmarks for what's considered a low credit score, you are often seen as having bad credit if you have a score below 600. Lenders will also be worried if you have a history of bankruptcy, foreclosure, or repossession.
Can I Still Get a Car Loan in Arlington, TX with Low Credit?
Many borrowers have asked, “Can I get a car loan with a credit score of 600 or less?” The short answer is yes. However, financing a car in Arlington, TX with bad credit won't necessarily be easy. 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 help with your financing. Thankfully, myAutoloan partners with lenders that specialize in bad credit loans.
Once you've found a lender in Texas, you may notice your low credit score changes your loan. A poor credit score can limit your borrowing and result in higher interest rates. This high interest rate will also mean larger monthly payments and overall repayment. Tools like our Interest Rate Estimator and Payment Calculator can help you see what the monthly payment on your Arlington loan might look like before completing an application.
Concerned about your possible interest rate and monthly payment? You may want to look into boosting your credit score before applying for Arlington, Texas auto loans. View our Guide to Better Credit for Auto Financing for help understanding and quickly raising 7our credit.
Find the Best Deal in Arlington, TX for Bad Credit Car Loans
A poor credit score can raise your car loan rate, so it's more critical than ever to compare costs and find the right loan in Arlington, TX. myAutoloan wants to help you find the best loan — despite your credit history. Simply choose your offer type and fill out our secure, confidential application. We'll show you up to four loans at once, allowing you to compare rates in minutes. To finish, you can choose the best loan for you and head to your local Arlington dealership with cash in hand.
Ready to purchase a new ride? Poor credit shouldn't stop you. Apply through myAutoloan now and review up to four Arlington, TX bad credit car loans!