What Counts as Bad Credit in El Paso, 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. 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 El Paso, TX will have its own guidelines for what’s considered a poor credit score, you could be seen as having bad credit if your score sits under the 600 benchmark. Lenders will also be worried if you have a history of bankruptcy, foreclosure, or repossession.
Can I Still Get a Car Loan in El Paso, 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? Yes. Still, financing a car with bad credit in El Paso, TX will come with some challenges. To begin with, not all lenders are willing to give a loan to someone with no or poor credit, so it may take some extra time to find a lender inclined to work with you. Thankfully, myAutoloan has lending partners that specialize in bad credit loans.
Once you find a lender in Texas, you may discover your low credit score affects your loan. You may have limited borrowing power and a higher interest rate due to your poor credit score. High interest rates also mean larger monthly payments and total repayment. With our Interest Rate Estimator and Payment Calculator, you can see an estimate for the monthly payment on your El Paso loan before completing an application.
Concerned about your possible interest rate and monthly payment? You may want to contemplate raising your credit score before you apply for El Paso, Texas 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 in El Paso, TX for Bad Credit Car Loans
A low credit score can raise the rate on your car loan, making it more important than ever to compare lending options and find the right deal in El Paso, TX. myAutoloan wants to help you find the best loan — despite your credit history. Simply choose your offer type and complete a confidential, secure application. We'll show you up to four loans in minutes so you can easily compare rates. Finally, you can select the loan that looks best to you and head to your local El Paso dealership with cash in hand.
Need a new ride? Bad credit doesn't have to get in the way. Apply today through myAutoloan and compare up to four El Paso, TX bad credit auto loans!