Do I Have Bad Credit in Canton, TX?
When you try to borrow money — like a car loan — Texas lenders look at your credit score to evaluate how likely you are to repay it. Your credit score is calculated using many factors, including any remaining loan balances, your repayment history, the number of open accounts you have, and the age of your credit accounts. While each Canton, TX lender will have its own guidelines for what's considered a low credit score, you might be seen as having bad credit if your score sits under the 600 benchmark. Lenders will also be nervous if you’ve experienced bankruptcy, repossession, or foreclosure.
Can I Still Get a Car Loan in Canton, 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. Still, it's going to be harder to finance a car with bad credit in Canton, TX. First off, not every lender feels comfortable giving loans to people with poor or no credit, so you may need to put in extra effort to find a lender willing to work with you. Thankfully, myAutoloan partners with lenders that specialize in bad credit loans.
Once you've found a lender in Texas, you may discover your low credit score changes 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 overall repayment. Tools like our Interest Rate Estimator and Payment Calculator can help you see what the monthly payment on your Canton loan could look like before filling out an application.
Worried about your potential interest rate and monthly payment? You may want to think about boosting your credit score before applying for auto loans in Canton, Texas. Study our Guide to Better Credit for Auto Financing to learn about credit scores and how you can quickly raise yours.
Find the Best Deal on Canton, TX Poor Credit Car Loans
A low credit score can increase the rate on your car loan, so it's more critical than ever to compare costs to find the right deal in Canton, TX. myAutoloan wants to help you find the best loan — no matter your credit history. All you have to do is choose your offer type and complete or confidential and secure application. We’ll show you up to four loans at a time so you can compare rates in minutes. After, you can select the loan that looks best to you and head to your local Canton dealership with a loan in hand.
Why wait to get a new ride? Poor credit shouldn't stop you. Apply today through myAutoloan and compare up to four Canton, TX bad credit auto loans!