How Do I Know If I Have Bad Credit in Katy, TX?
When you try to borrow money — like a car loan — Texas lenders use your credit score to figure out the chances 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 Katy, TX lender has its own guidelines for what’s considered a poor credit score, you are often seen as having bad credit if your score is less than 600. Lenders will also be more cautious if you’ve experienced bankruptcy, repossession, or foreclosure.
Is it Possible to Get a Car Loan in Katy, TX with Bad Credit?
Many car buyers have asked, “Can I get a car loan with a credit score of 600 or less?” The short answer? Yes. Keep in mind, it's going to be harder to finance a car with bad credit in Katy, TX. For starters, 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 who will work with you. Thankfully, myAutoloan has lending partners that specialize in bad credit loans.
When you find a lender in Texas, you may learn your low credit score changes your loan. A poor credit score might limit your borrowing and lead to higher interest rates. High interest rates also mean larger monthly payments and more spent over the life of the loan. Our Interest Rate Estimator and Payment Calculator can help you see an estimate for the monthly payment on your Katy loan before completing an application.
Worried about your potential interest rate and monthly payment? You might want to contemplate improving your credit score before applying for auto loans in Katy, 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 Poor Credit Car Loans in Katy, TX
A low credit score can raise the rate on your car loan, making it more crucial than ever to compare lending options and find the right deal in Katy, TX. At myAutoloan, we want to help you find the best loan — despite your credit history. Simply choose your offer type and complete our secure, confidential application. We’ll show you up to four loans at a time so you can compare rates in minutes. To finish, you can select the loan that looks best to you and head down to your go-to dealership in Katy with cash in hand.
Need a new ride? Poor credit shouldn't stop you. Apply through myAutoloan now and review up to four Katy, TX bad credit car loans!