What Counts as Bad Credit in Salt Lake Cty, UT?
When you apply for a car loan, mortgage, or another type of loan, Utah lenders look at your credit score to decide how likely you are to repay it. Many factors influence your credit score, including your repayment history, the number of accounts you have open, the age of your credit accounts, and any remaining loan balances. While every lender in Salt Lake Cty, UT has its own guidelines for what it considers a poor credit score, you are often seen as having bad credit if your score is lower than 600. Lenders will also be wary if you've gone through bankruptcy, repossession, or foreclosure.
Can I Still Get a Car Loan in Salt Lake Cty, UT with Low Credit?
You’re not the first car buyer asking, “Can I get a car loan with a credit score of 600 or less?” Yes, you can. However, it's going to be harder to finance a car with bad credit in Salt Lake Cty, UT. For starters, not every lender is willing to give a loan to someone with poor or no credit, so you may need to spend some extra time finding a lender who will work with you. Thankfully, myAutoloan has lending partners that specialize in bad credit loans.
Once you've chosen a lender in Utah, you may see that your low credit score affects your loan. A poor credit score can result in limited borrowing and higher interest rates. This high interest rate will also mean larger monthly payments and overall repayment. Use our Interest Rate Estimator and Payment Calculator to see an estimate for the monthly payment on your Salt Lake Cty loan before completing an application.
Worried about your potential interest rate and monthly payment? You might want to consider boosting your credit score before you apply for Salt Lake Cty, Utah car loans. Take a look at our Guide to Better Credit for Auto Financing to better understand your credit score and how you can raise it.
Find the Best Deal in Salt Lake Cty, UT for Bad Credit Car Loans
A poor credit score can increase your car loan rate, making it more critical than ever to compare costs to find the right deal in Salt Lake Cty, UT. myAutoloan wants to help you find the best loan — despite 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 at once, allowing you to compare rates in minutes. After, you can choose the best loan for you and head to your favorite Salt Lake Cty dealership with a loan in hand.
Ready to purchase a new ride? Bad credit doesn't have to stop you. Apply through myAutoloan now and review up to four Salt Lake Cty, UT bad credit car loans!