How Do I Know If I Have Bad Credit in Killeen, TX?
When you apply for a car loan, mortgage, or another type of loan, lenders in Texas use your credit score to evaluate the probability that you'll 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 every Killeen, TX lender has its own criteria for what it deems a poor credit score, you might be seen as having bad credit if you have a score below 600. Lenders will also be wary if you have a history of bankruptcy, foreclosure, or repossession.
Can I Still Get a Car Loan in Killeen, TX with Bad Credit?
Many car buyers have asked, “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 Killeen, TX will come with some challenges. To begin with, not every lender offers poor or no credit loans, so you may need to put in some extra hours to find a lender who will work with you. Luckily, myAutoloan partners with lenders specializing in bad credit car loans.
Once you find a lender in Texas, you may see that your loan is impacted by your low credit score. You may have limited borrowing power and a higher interest rate due to your poor credit score. This high interest rate will lead to larger monthly payments and more spent over the life of the loan. With our Interest Rate Estimator and Payment Calculator, you can see an estimate for the monthly payment on your Killeen loan before even applying.
Do your potential interest rate and monthly payment have you sweating? You should consider raising your credit score before applying for auto loans in Killeen, Texas. View 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 Killeen, TX Poor Credit Car Loans
A low credit score can raise the rate on your car loan, making it more crucial than ever to compare costs and find the right loan in Killeen, TX. myAutoloan is here to help you find the best loan — even without the best credit history. Simply choose your offer type and complete our secure, confidential application. We'll show you up to four loans at once, allowing you to compare rates in minutes. Then, you can select the best loan for you and visit any dealership in Killeen with a loan in hand.
Ready to purchase your next ride? Poor credit shouldn't stop you. Apply with myAutoloan today and compare up to four bad credit auto loans in Killeen, TX!