Do I Have Bad Credit in South Salt Lake, UT?
When you borrow money — like a car loan — lenders in Utah use your credit score to figure out the probability that you'll repay it. Many factors go into your credit score, including the age of your credit accounts, the number of open accounts you have, any remaining loan balances, and your repayment history. While each lender in South Salt Lake, UT will have its own guidelines for what it deems a poor credit score, you could be seen as having bad credit if your score falls below 600. Lenders will also be more cautious if you've experienced repossession, bankruptcy, or foreclosure.
Can I Still Get a Car Loan in South Salt Lake, UT with Low 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? Yes. However, financing a car with bad credit in South Salt Lake, UT will come with some challenges. First off, not every lender feels comfortable giving loans to people with poor or no credit, so it may take some extra time to find a lender willing to work with you. The good news is that myAutoloan partners with lenders specializing in bad credit loans.
Once you've chosen a lender in Utah, you may see that your low credit score impacts your loan. A poor credit score might limit your borrowing and lead to higher interest rates. This high interest rate will lead to 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 South Salt Lake loan could look like before filling out an application.
Concerned about your possible interest rate and monthly payment? You may want to contemplate increasing your credit score before you start applying for auto loans in South Salt Lake, Utah. Take a look at our Guide to Better Credit for Auto Financing to learn about credit scores and how you can quickly raise yours.
Find the Best Deal on Poor Credit Car Loans in South Salt Lake, UT
A poor credit score can raise your car loan rate, making it more crucial than ever to compare lenders in South Salt Lake, UT and find the right deal. myAutoloan wants to help you find the best loan — even without the best credit history. All you have 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. Then, you can select the best loan for you and visit any dealership in South Salt Lake with money in hand.
Ready to purchase your next ride? Poor credit shouldn't stop you. Apply through myAutoloan now and review up to four South Salt Lake, UT bad credit car loans!