Do I Have Bad Credit in Austin, TX?
When you apply for any type of loan, Texas lenders use your credit score to figure out the likelihood of you repaying it. Many factors go 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 Austin, TX lender has its own guidelines for what's considered a low credit score, you are often seen as having bad credit if your score is lower than 600. Lenders will also be more cautious if you've experienced repossession, bankruptcy, or foreclosure.
Can I Still Get a Car Loan in Austin, TX with Low Credit?
Many borrowers have asked, “Can I get a car loan with a credit score of 600 or less?” The simple answer is yes. Keep in mind, it's going to be harder to finance a car with bad credit in Austin, TX. First off, not every lender offers poor or no credit loans, so you may need to spend some extra time finding a lender willing to work with you. Thankfully, myAutoloan has lending partners that specialize in bad credit loans.
Once you've found a lender in Texas, you may learn your loan is impacted by your low credit score. A poor credit score might limit your borrowing and lead to higher interest rates. This high interest rate will also mean higher monthly payments and total repayment. With our Interest Rate Estimator and Payment Calculator, you can see what the monthly payment on your Austin loan might look like before even applying.
Do your potential interest rate and monthly payment have you sweating? You may want to consider increasing your credit score before applying for auto loans in Austin, Texas. Check out our Guide to Better Credit for Auto Financing for help understanding and quickly raising 7our credit.
Find the Best Deal in Austin, TX for Bad Credit Car Loans
A bad credit score can raise your car loan rate, making it more critical than ever to compare costs to find the right deal in Austin, TX. At myAutoloan, we want to help you find the best loan — no matter your credit history. All you have to do is select your offer type and complete a confidential, secure application. You'll see up to four loans at once so you can compare rates in minutes. Finally, you can choose the best loan for you and head down to your go-to dealership in Austin with cash 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 Austin, TX bad credit car loans!