What Counts as Bad Credit in Gatesville, TX?
When you try to borrow money — like a car loan — Texas lenders look at your credit score to determine 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 Gatesville, TX lender has its own criteria for what's considered a bad credit score, you might be seen as having bad credit if your score is less than 600. Lenders will also be nervous if you've experienced repossession, bankruptcy, or foreclosure.
Can I Get a Car Loan in Gatesville, TX If I Have Bad Credit?
Many car buyers have asked, “Can I get a car loan with a credit score of 600 or less?” Yes, you can. Still, it's going to be harder to finance a car with bad credit in Gatesville, TX. 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 willing to work with you. Luckily, myAutoloan partners with lenders specializing in bad credit car loans.
When you find a lender in Texas, you may learn your low credit score impacts your loan. 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 overall loan costs. Use our Interest Rate Estimator and Payment Calculator to see what the monthly payment on your Gatesville loan could look like before even applying.
Do your potential interest rate and monthly payment have you worried? You may want to think about improving your credit score before applying for Gatesville, Texas auto loans. Take a look at our Guide to Better Credit for Auto Financing for information about credit scores and tips for quickly raising yours.
Find the Best Deal on Gatesville, TX Poor Credit Car Loans
A bad credit score can increase the rate on your car loan, making it more crucial than ever to compare lending options and find the right deal in Gatesville, TX. myAutoloan is here 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. We'll show you up to four loans in minutes so you can easily compare rates. Then, you can select the loan that looks best to you and head to your favorite Gatesville dealership with a check in hand.
Ready to purchase a new ride? Bad credit doesn't have to stop you. Apply with myAutoloan today and compare up to four bad credit auto loans in Gatesville, TX!