How Do I Know If I Have Bad Credit in Houston, TX?
When you borrow money — like a car loan — Texas lenders use your credit score to decide the likelihood of you repaying it. Your credit score is calculated using many factors, including the age of your credit accounts, the number of open accounts you have, any remaining loan balances, and your repayment history. While each Houston, TX lender has its own benchmarks for what’s considered a poor credit score, you could be seen as having bad credit if your score falls below 600. Lenders will also be wary if you’ve experienced bankruptcy, repossession, or foreclosure.
Is it Possible to Get a Car Loan in Houston, TX with Bad Credit?
You’re not the first car buyer asking, “Can I get a car loan with a credit score of 600 or less?” The simple answer is yes. Still, financing a car with bad credit in Houston, TX will come with some challenges. First off, not every lender feels comfortable giving loans to people with poor or no credit, so it may take some extra time to find a lender willing to work with you. Thankfully, myAutoloan partners with lenders that specialize in bad credit loans.
Once you've chosen a lender in Texas, you may see that your low credit score impacts your loan. A poor credit score can result in limited borrowing and higher interest rates. This high interest rate will lead to larger monthly payments and overall loan costs. Tools like our Interest Rate Estimator and Payment Calculator can help you see what the monthly payment on your Houston loan could look like before even applying.
Do your potential interest rate and monthly payment have you worried? You might want to think about raising your credit score before applying for auto loans in Houston, Texas. Check out 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 Poor Credit Car Loans in Houston, TX
A low credit score can raise your car loan rate, making it more crucial than ever to compare costs to find the right deal in Houston, TX. myAutoloan wants to help you find the best loan — no matter your credit history. Simply choose your offer type and complete a confidential, secure application. We’ll show you up to four loans at a time so you can compare rates in minutes. To finish, you can choose the best loan for you and head to your local Houston dealership with money in hand.
Why wait to get a new ride? Bad credit doesn't have to stop you. Apply today through myAutoloan and compare up to four Houston, TX bad credit auto loans!