How Do I Know If I Have Bad Credit in Plano, TX?
When you apply for a car loan, mortgage, or another type of loan, Texas lenders use your credit score to decide the likelihood of you repaying it. Many factors play 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 each lender in Plano, TX has its own guidelines for what's considered a low 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 gone through bankruptcy, repossession, or foreclosure.
Is it Possible to Get a Car Loan in Plano, TX with Bad Credit?
You're not the first car buyer to wonder, “Can I get a car loan with a credit score of 600 or less?” Yes, you can. However, financing a car in Plano, TX with bad credit won't necessarily be easy. For starters, not all lenders are willing to give a loan to someone with no or poor credit, so you may need to put in extra effort to find a lender inclined to work with you. Thankfully, myAutoloan has lending partners that specialize in bad credit loans.
Once you find a lender in Texas, you may notice 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 overall loan costs. Our Interest Rate Estimator and Payment Calculator can help you see what the monthly payment on your Plano loan could look like before you apply.
Concerned about your possible interest rate and monthly payment? You may want to consider boosting your credit score before you apply for Plano, Texas car loans. Check out our Guide to Better Credit for Auto Financing to better understand your credit score and how you can raise it.
Find the Best Deal on Bad Credit Car Loans in Plano, TX
A poor credit score can increase the rate on your car loan, making it more crucial than ever to compare costs to find the right deal in Plano, TX. myAutoloan is here 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. Then, you can select the best loan for you and head to your local Plano dealership with money in hand.
Ready to purchase a new ride? Bad credit doesn't have to get in the way. Apply with myAutoloan today and compare up to four bad credit auto loans in Plano, TX!