What Is Considered Bad Credit in Salt Lake City, UT?
When you borrow money — like a car loan — lenders in Utah use your credit score to evaluate how likely you are to repay it. Many factors influence your credit score, including the number of open accounts you have, your repayment history, the age of your credit accounts, and any remaining loan balances. While every lender in Salt Lake City, UT has its own criteria for what it considers a poor credit score, you may be seen as having bad credit if your score falls below 600. Lenders will also be more cautious if you have a history of bankruptcy, foreclosure, or repossession.
Can I Still Get a Car Loan in Salt Lake City, UT 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?” The short answer is yes. But, it's going to be harder to finance a car with bad credit in Salt Lake City, UT. Most notably, not every lender feels comfortable giving loans to people with poor or no credit, so you may need to put in extra effort to find a lender willing to work with you. Thankfully, myAutoloan partners with lenders that specialize in bad credit loans.
Once you've chosen a lender in Utah, 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. Higher interest rates will mean higher monthly payments and overall loan costs. With our Interest Rate Estimator and Payment Calculator, you can see what the monthly payment on your Salt Lake City loan might look like before even applying.
Concerned about your possible interest rate and monthly payment? You may want to consider raising your credit score before applying for Salt Lake City, Utah auto loans. Take a look at our Guide to Better Credit for Auto Financing for information about credit scores and tips for quickly raising yours.
Find the Best Deal on Poor Credit Car Loans in Salt Lake City, UT
A low credit score can increase the rate on your car loan, so it's more critical than ever to compare costs and find the right loan in Salt Lake City, UT. myAutoloan is here to help you find the best loan — no matter 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 choose the best loan for you and head to your favorite Salt Lake City dealership with cash in hand.
Ready to purchase your next ride? Bad credit doesn't have to stop you. Apply now and compare up to four bad credit auto loans in Salt Lake City, UT through myAutoloan!