What Is Considered Bad Credit in South Burlington, VT?
When you apply for a car loan, mortgage, or another type of loan, lenders in Vermont look at your credit score to determine the likelihood of you repaying it. Many factors go into 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 each lender in South Burlington, VT has its own guidelines for what it deems a poor 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 experienced bankruptcy, repossession, or foreclosure.
Can I Get a Car Loan in South Burlington, VT If I Have Bad Credit?
Many borrowers have asked, “Can I get a car loan with a credit score of 600 or less?” The short answer is yes. However, it's going to be harder to finance a car with bad credit in South Burlington, VT. For starters, not every lender offers poor or no credit loans, so you may need to spend some extra time finding 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 Vermont, you may discover 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 also mean higher monthly payments and more spent over the life of the loan. Tools like our Interest Rate Estimator and Payment Calculator can help you see what the monthly payment on your South Burlington loan might be before even applying.
Concerned about your possible interest rate and monthly payment? You might want to look into raising your credit score before applying for auto loans in South Burlington, Vermont. 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 on Poor Credit Car Loans in South Burlington, VT
A low credit score can increase your car loan rate, making it more critical than ever to compare lenders in South Burlington, VT and find the right deal. myAutoloan wants to make sure 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. After, you can select the right loan for you and head to your local South Burlington dealership with a check in hand.
Why wait to get a new ride? Bad credit doesn't have to get in the way. Apply today through myAutoloan and compare up to four South Burlington, VT bad credit auto loans!