How Do I Know If I Have Bad Credit in Orem, UT?
When you try to borrow money — like a car loan — Utah lenders look at your credit score to decide the chances of you repaying it. Your credit score is calculated using many factors, including the number of open accounts you have, your repayment history, the age of your credit accounts, and any remaining loan balances. While every Orem, UT lender has its own criteria for what's considered a bad credit score, you are often seen as having bad credit if your score is lower than 600. Lenders will also be worried if you've gone through bankruptcy, repossession, or foreclosure.
Can I Still Get a Car Loan in Orem, UT with Bad Credit?
Many borrowers have asked, “Can I get a car loan with a credit score of 600 or less?” The simple answer is yes. Still, you'll likely face some challenges financing a car with bad credit in Orem, UT. Most notably, not every lender feels comfortable giving loans to people with poor or no credit, so you may need to spend some extra time finding a lender inclined to work with you. Thankfully, myAutoloan partners with lenders that specialize in bad credit loans.
Once you've found a lender in Utah, you may discover your low credit score affects your loan. A poor credit score can limit your borrowing and result in higher interest rates. High interest rates also mean higher monthly payments and more spent over the life of the loan. Use our Interest Rate Estimator and Payment Calculator to see what the monthly payment on your Orem loan could look like before even applying.
Concerned about your possible interest rate and monthly payment? You might want to look into increasing your credit score before you start applying for auto loans in Orem, Utah. Study 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 Poor Credit Car Loans in Orem, UT
A bad credit score can increase the rate on your car loan, making it more crucial than ever to compare costs and find the right loan in Orem, UT. myAutoloan is here to help you find the best loan — despite your credit history. All you have to do is choose your offer type and complete or confidential and secure application. We'll show you up to four loans at once, allowing you to compare rates in minutes. After, you can select the loan that looks best to you and head down to your go-to dealership in Orem with a check in hand.
Why wait to get a new ride? Bad credit doesn't have to get in the way. Apply now and compare up to four bad credit auto loans in Orem, UT through myAutoloan!