How Do I Know If I Have Bad Credit in Lubbock, TX?
When you borrow money — like a car loan — lenders in Texas look at your credit score to determine how likely you are to repay it. Many factors go into your credit score, including any remaining loan balances, your repayment history, the number of open accounts you have, and the age of your credit accounts. While every lender in Lubbock, TX has its own benchmarks 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 gone through bankruptcy, repossession, or foreclosure.
Can I Still Get a Car Loan in Lubbock, 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 is yes. Still, financing a car with bad credit in Lubbock, TX will come with some challenges. For starters, not every lender offers poor or no credit loans, so it may take some extra time to find a lender who will help with your financing. Thankfully, myAutoloan partners with lenders that specialize in bad credit loans.
Once you've found a lender in Texas, you may learn 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 also mean higher monthly payments and more spent over the life of the loan. Tools like our Interest Rate Estimator and Payment Calculator can help you see what the monthly payment on your Lubbock loan could look like before even applying.
Concerned about your possible interest rate and monthly payment? You should consider boosting your credit score before you apply for Lubbock, Texas car loans. Check out our Guide to Better Credit for Auto Financing for help understanding and quickly raising 7our credit.
Find the Best Deal on Poor Credit Car Loans in Lubbock, TX
A poor credit score can raise the rate on your car loan, so it's more critical than ever to compare lending options and find the right deal in Lubbock, TX. At myAutoloan, we want to help you find the best loan — no matter your credit history. All you need 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 down to your go-to dealership in Lubbock with money in hand.
Ready to purchase a new ride? Bad credit doesn't have to get in the way. Apply today through myAutoloan and compare up to four Lubbock, TX bad credit auto loans!